FINANCIAL DIFFICULTIES

We appreciate that your circumstances may change and you may experience temporary financial difficulties. If this is the case, please call us on 01228 403283

It is important if you find yourself in financial difficulties you let us know as soon as possible. We will be sympathetic and positive and we will do all we can to help you overcome your difficulties.

The sooner we discuss your problems, the easier it will be to find a solution. The more you tell us about your full financial circumstances, the more we may be able to help.

HOW TO AVOID INCURRING CHARGES

Charges might be applied when we’re asked to pay an item from your account by Direct Debit, Standing Order, debit card or cheque but there aren’t enough cleared funds to cover the request. The tips below might help you avoid incurring these types of charges:

Pay in sufficient funds
Ensure that you have enough cleared funds in your account to cover any Direct Debit and Standing Order payments
Funds should be in your account no later than 3:30pm on the day the payments are due to be made
More than one account?
If you keep funds in more than one account
Transfer these all into the account you use for your regular payments
Check your statement
Check your statements regularly
Make a note of the dates when your Direct Debit, Standing Order and Internal Transfer payments are due
Check your cheques
Keep a record of any cheques you’ve written and when they’ve been paid
So you know the amount of available funds in your account
Record your debit card use
Keep a record of any debit card payments made and consider these when checking the available funds in your account
Debit card transactions aren’t always reflected immediately in the available account balance
Change your funding
Consider how your account is funded
You could change how and when you pay money into your account
Change your payment dates
For Direct Debit, Standing Order payments and Internal Transfers so they happen at a better time
For example after you’ve been paid, or change to an alternative payment method
Contact us
If you’re experiencing financial difficulty
Call us on 01228 403283 to discuss the ways we may be able to help

DEALING WITH DEBT

Practical steps you can take to help resolve your debt problems

Be honest with yourself
Acknowledge the problem
Don’t ignore post from people you owe money to
Contact us
If you think you might be getting into financial difficulties
Let us know and ask how we can help
Draw up a budget
Make a list of all your debts and prepare a statement of your financial position
Detailing your income and expenditure and how much you owe
Maximise your income
Decide on your priority financial commitments and maximise your income
Cut down on non-essential spending and claim any benefits or tax relief you may be eligible for
Make us an offer
Check your budget to see what you can afford
If we agree a payment arrangement, make sure you stick to it
Review your circumstances
Assess your ongoing financial position regularly
Keep us posted of any changes
Contact a specialist
There are expert money advisers who can give you help
Support and advice is available to help you deal with your circumstances
Contact all creditors
So that they are aware of the situation
A free money advice service should be able to help you agree repayment plans with creditors
Download our full guidance leaflet
More guidance is available
Download

Difficulties repaying your mortgage

Contact us as soon as possible and we’ll talk things through with you, give you reasonable time to pay back the debt and only start proceedings to repossess your home if we can’t solve the problem with you. We might be able to arrange a payment plan with you, change the way you make your payments and/or allow you to pay back the mortgage over a longer period of time.

Seek debt advice
You should seek debt advice if you feel you need help with managing your finances or claiming state benefits
If you have an insurance policy, check whether it would help with your payments and keep us updated if your circumstances change (if you can’t keep to the payment plan or if you move to a new address)

In some cases you may be able to get help with your mortgage payments from the Benefits Agency. We strongly recommend that you take out Mortgage Payment Protection to cover your mortgage payments against sickness, accident and unemployment
If we can’t agree a solution
If we can’t agree on a solution to repay your mortgage, we may send an agent to see you to discuss your financial circumstances and we may go to court to start proceedings to repossess your home
We’ll keep trying to solve the problem with you; possession is the last resort. You may be thinking about handing your keys over to us. If you do this, you’ll still owe us any outstanding debt. You should discuss this with us and seek independent advice before doing this.
If we repossess your home
We’ll try to sell it as soon as possible for the best price we can reasonably get
We’ll use the money raised to pay your mortgage and any other loans or charges, if there’s any money left over, it will be paid to you. If there isn’t enough money from the sale to pay the whole mortgage, you’ll still owe us the amount that is left (a shortfall debt).
Other issues to consider
Some companies may offer you new loans or even invite you to sell your property to them and then lease it back as a way of resolving your short term financial difficulty
Please be careful, this solution might not be in your long term best interests. We’d advise you to seek independent advice before arranging to do this.

If you’re in financial difficulty you can also get help and advice from debt counselling organisations. If you ask us to, we’ll liaise, wherever possible, with debt counselling organisations.
Download our full guidance leaflet
More guidance is available
Download

How we can help

Contact us as soon as possible and we’ll talk things through with you. We’ll give you information about how you can avoid charges being applied to your accounts and sources of free, independent money advice. You’ll get clear information about the amount you owe and we’ll agree a plan with you for clearing your debts in a way you can afford. We’ll also tell you beforehand about any action we may need to take, for example, going to court, and what extra charges you might have to pay if we do. We can help you keep up to date with day to day payments and your account balance in a number of ways:

Customer service helpline
We aim to make contacting us as simple as possible, but we know a branch isn't always convenient
Based in our Carlisle head office, our customer service team are here to help and answer any questions 7 days a week
At cash machines
You can check your balances and print mini-statements at any Cumberland ATM
You can check your balances at LINK and Visa ATMs
At any branch
We’ve 34 branches in our operating area
So when you're out and about, a friendly local branch team are nearby to help you 6 days a week
Internet Banking
Just a click away
You can check out the balances of your current account, savings accounts and mortgage, and transactions of your current accounts and some savings accounts in online banking
Mobile banking app
At your fingertips
With Balance Peek, you can quickly check the balances of your accounts without even logging on to the app. Once logged on, you can view the transactions

Have concerns about your finances?

Call us on 01228 403283

MORE HELP IS AVAILABLE

You may want to talk to your family, friends or support agencies who may be able to help. Many people find it helpful to get advice from a specialist debt counsellor (usually called a money adviser). You can get free, independent money advice from any of the following:

Building Societies Association (BSA)
Can't pay your mortgage?
View leaflet
The BSA have published a helpful guide to help those who are struggling to make their mortgage repayments
Government Guidance
Guide to property repossessions
Go to website
The government provide a useful guide to help those who need to understand more about property repossession

Cumberland Building Society is not responsible for the content of the external internet sites.