We at Northern Bank understand that customers may find themselves in financial difficulty for a wide variety of reasons. Northern Bank aims to help customers who may find themselves in financial difficulty and it is important that a customer who is in a position of financial difficulty seeks help as soon as possible.
What should you do?
- Don't ignore your debt problem – it could affect your credit rating. Companies can check your credit rating to see if you have a poor credit history whatever you want to borrow money for.
- Act fast - as soon as you think you may have a debt problem contact your creditors to negotiate your debt. For example they may lengthen the term of your debts to enable payments to be reduced. However creditors are not required to accept reduced payments, although they will be more likely to be receptive if you are trying to get on top of your debt problems. An escalation of the problem is in no-one's interest. Check whether your lender is a subscriber to the Banking Code. Lenders who, like Northern Bank, are subscribers to the Banking Code are committed to consider cases of financial difficulty sympathetically and positively. Contact your Northern Bank branch as soon as possible even if you are not in financial difficulty at the moment but think you may be soon.
- Avoid missing repayments - missing repayments can seriously damage your ability to get credit and you may end up being unable to buy goods on credit or get a mortgage in the future.
You can call our dedicated telephone number below to arrange an appointment to speak to one of our advisors.
Call Us on:
0845 600 2882
+44 2890 049221 if dialling from outside the UK.
What we will do
We will deal with cases of financial difficulty sympathetically and positively.
If we assess that you may be in financial difficulty we will contact you at an early stage to discuss your problem, both in writing and, where possible, by phone, so that together we can agree how we can help you. It is important that you do not wait for us to contact you, you should contact us as soon as possible as you will probably be aware of the difficulties before us.
We will try to arrange a new payment plan with you taking your financial circumstances into account.
We will give you reasonable time to pay back any missing payments. If your loan is secured on your home we will only start repossession proceedings as a last resort when all other reasonable options have been exhausted.
We will give you details of organisations who can give you debt advice (for example, Citizens Advice Bureau), and we will talk to them if you want us to.
How we might be able to help you
We may be able to change the interest rate you pay, the way you make your payments or the date you make them during the month.
We may allow you to pay back your loan over a longer period of time. Although this would reduce your monthly payments, it would increase the overall cost of the loan.
We may also allow you to pay reduced payments or just the interest payments for a period of time. Although this would reduce your monthly payments, it would increase the overall cost of the loan.
We would hope to be able to agree an appropriate arrangement with you. If we can do this we will explain how it would work and give you time to consider it. If we cannot offer any of these options, we will tell you why.
Other things to consider
It is important that you keep to the payment plan we agree with you, or tell us if there is a change in your circumstances which may affect the arrangement. If you do not make the agreed payments, we might have to resort to legal action to get back any money you owe us. This could include taking legal action to repossess your property.
Check whether you can get any state benefits or tax credits which could help to increase your income.
If you have a payment protection or income protection policy you should check whether it would help with your payments.
Talk to a professional adviser, such as a debt counsellor or a lawyer, before you commit to any repayment plan so that you understand what you are agreeing to. We strongly advise that you seek independent, free, debt advice .
Costs and Expenses
If you are in arrears, we may charge you for reasonable costs and expenses. Please see our Fees and Service Charges Explained leaflet for further details.
How to complain
If you are not happy with any aspect of our service, please request a copy of our internal complaint handling procedures by contacting your branch. Our aim is to resolve complaints to the satisfaction of our customers. However if, having followed our published complaint procedures, you disagree with the final decision we have made, you can refer the matter to the Financial Ombudsman Service. Details are available from us on request or from www.financial-ombudsman.org.uk
Contact us
It is important that you contact us as early as possible and remain in touch to give us the best opportunity to help you. Advise us as soon as possible if you move to a new address.
Call us on:
0845 600 2882
+44 2890 049221 if dialling from outside the UK
Find your branch
Write to us
Other Useful contacts
British Bankers Association
The British Bankers Association have produced a dealing with debt leaflet.
Dealing with Debt
Citizens Advice Bureau
To find the phone number of your local bureau, look in the phone book, visit your local library or information centre, or use the website www.citizensadvice.org.uk
Advice Lines
AdviceUK is a network of advice-providing organisations, gathered together to enable you to find the right one. Telephone 020 7407 4070, or visit www.adviceuk.org.uk.
Consumer Credit Counselling Service
Consumer Credit Counselling Service is a registered charity offering free, confidential advice and support to anyone who is worried about debt. Call free on 0800 138 1111, or visit www.cccs.co.uk
Payplan
Payplan is funded through donations from the credit industry, but remains impartial and deals with all creditors. Call free on 0800 085 4298, or visit www.payplan.com
Financial Services Authority
This organisation regulates the financial services industry in the UK. It can offer impartial help and advice to consumers on all money matters. Go to the ‘money made clear’ pages at the FSA or try their Consumer Helpline on 0845 606 1234, between 8am and 6pm Monday to Friday, or minicom/textphone on 0845 730 0104. Visit the Financial Services Authority website.
The National Debtline
This is a national telephone helpline for people struggling with debt. National Debtline can also send you a free debt advice pack, with guidance on completing a personal budget to legal questions connected with debt. Call National Debtline on 0808 808 4000, 9am to 9pm Monday to Friday and 9.30am to 1pm Saturday or go to the national debtline website.