We know that circumstances can change and these can lead to financial difficulties. Some of the warning signs could be:
- Your current account is nearly always overdrawn
- You can only pay the minimum payment on your credit cards each month
- You have received unpaid bill reminders from one of your utility suppliers
- You have been refused credit for a new loan or credit card
- You have had to make a large unexpected payment e.g. large tax bill, car or house repairs
If you can identify with any of these situations, we are here to support you, so don’t delay and ask for our help. It is particularly important to contact us if you think you are not going to be able to make your repayments for a loan or mortgage, or have missed a payment already.
We are here to help you find the right solution to help get you out of the financial difficulty, and we understand it can be difficult to talk about these issues; therefore, you may want to seek independent advice. The following organisations may be able to help you, and we will work with them, if you would like us to.
- National Debtline gives free debt advice by phone and online to people across the UK.
- StepChange Debt Charity is a registered charity offering free, confidential advice and support to anyone who is worried about debt. Their free counselling and debt advice can help you get back in control of your money and move forward with your life.
- The Money Advice Service was set up by the UK government and offers free and impartial money advice. It can provide information to help you decide the best way to take things forward and keep your payments on track. It also suggests organisations that provide debt management services or providers who can help you keep on top of your money.
- Citizens Advice provides free, confidential, impartial information and advice on a wide range of debt and benefits issues face to face. Check your local phone book or Yellow Pages for your nearest Citizens Advice.
Before talking to an independent organisation or us, it is worthwhile gathering some information to help with the conversation. Information that could help:
- Details of money coming in
Any regular income, benefits or tax credits you receive
- Details of money going out
Information about your regular household expenses and any other direct debits and standing orders
- Details of any other money owed
Provide any information about any other money that you owe and who it is owed to
How we can help
If you have missed a payment to us we will contact you as soon as possible to discuss your circumstances. We may charge you a fee when your account goes into arrears. However, we would encourage you to contact the Bank to discuss any financial problems that you may be facing and to discuss and agree the best way forward.
We will work with you to find the best solution to pay back the arrears, whether that is arranging repayment plan, changing the dates of your payments or extending the period of your loan or mortgage.
If we cannot offer you a solution, we will explain why. If we are able to offer a possible solution, we will explain how each option works and give you time to consider your next steps. You may want to discuss the options with an independent adviser, particularly if it relates to your mortgage.