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 may be applied to your account when we are asked to pay an item from your account by Direct Debit, Standing Order, Debit Card or Cheque and when there are insufficient cleared funds in your account to cover the amount of the item. The following tips are provided to help you avoid incurring these types of charges:

Pay in sufficient funds
Ensure that you have paid sufficient cleared funds into your account to cover any direct debit and standing order payments
Make sure you have the funds 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 from which you make 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 have 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 take these into consideration when checking the available funds in your account
Debit card transactions are not always reflected immediately in the available account balance
Change your funding
Change how your account is funded
For example, changing the method or source of funding and the timing of these.
Change your payment dates
Change Direct Debit, standing order payments and internal transfers so they occur at a better time
For example after you have been paid, or change to an alternative payment method
Contact us
If you are 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 to whom you owe money
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
By cutting down on non-essential spending and claiming any benefits or tax relief for which you may be eligible
Make us an offer
Check your budget to see what you can afford
If we accept your offer, 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 will discuss the situation with you, give you reasonable time to pay back the debt and only start proceedings to repossess your home if we cannot 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. You are however strongly recommended to take out Mortgage Payment Protection, to cover your mortgage payments against sickness, accident and unemployment
If we cannot agree a solution
If we cannot 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 will 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 will still owe us any outstanding debt, and we would advise you to discuss this option with us before taking such action
If we repossess your home
We will try to sell it as soon as possible for the best price we can reasonably get
We will use the money raised to pay your mortgage and any other loans or charges, if there is any money left over, it will be paid to you. If there is not enough money from the sale to pay the whole mortgage, you will 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, as such actions may not be in your long term best interests. We would advise you to seek independent advice before entering into any arrangement of this type.

If you are in financial difficulty you can also get help and advice from debt counselling organisations. With your consent we will 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 will review your situation with you. We will provide you with information about how you can avoid charges being applied to your accounts and sources of free, independent money advice. You will get clear information about the amount you owe and we will develop a plan with you for clearing your debts in a way you can afford. We will also tell you beforehand about any action we may need to take, for example, going to court, and what extra charges you may have to pay if we do so. 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 have 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 out 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:

Advice UK Image
Advice UK
0300 777 0107
Go to website
Citizens Advice Image
Citizens Advice
Find local branch
Go to website
StepChange Image
StepChange
0800 138 1111
Go to website
Money Advice Scotland Image
Money Advice Scotland
0141 572 0237
Go to website
National Debtline Image
National Debtline
0808 808 4000
Go to website
Payplan Image
Payplan
0800 280 2816
Go to website
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.