Facing financial difficulty
Please don't ignore the problem.
There are different options you can choose from if you are having problems paying your mortgage and bills. This section explains what you should consider and the actions that we'll take to help you.
Firstly, don't ignore the problem. Call us on 0345 602 6200 as soon as possible if you are having issues paying your mortgage. You should also contact us if you think that you may be in financial difficulty in the near future.
Steps you should take:
If you have fallen behind with your payments - we will do the following.
If we can't offer you any of the options above, we'll tell you why. If we're able to offer one or more of them, we'll explain how each option would work and give you time to consider it.
You may wish to talk to an independent adviser before you change your mortgage arrangement. We recommend that you seek independent, free, debt advice from a lawyer or third party company.
Costs and charges
If you fall behind with your mortgage payments, we may charge you administration and legal fees. We'll tell you the amount you'll have to pay.
If we can't agree on a solution with you to clear your arrears, we may go to court to start the process to repossess your home. If this happens, we recommend that you visit the court to discuss your case. In addition, we also recommend that you seek independent debt advice.
The start of court proceedings doesn't necessarily mean that we'll repossess your home. We'll keep trying to solve the problem with you. Repossession is a last resort.
If your home is repossessed we will advise you to contact your local authority to see if they can find you somewhere else to live.
If your home is repossessed
If you think that we've not treated you fairly dealing with the arrears on your mortgage, please talk to us and let us know what the problem is. We will try to resolve your complaint as soon as possible.
If, after going through the complaints process, you're still unhappy, you can refer your complaint to the Financial Ombudsman Service (The Financial Ombudsman Service is only available once you've received the final letter of response from us, or if you've not received a final response within 8 weeks after raising your compliant). The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at:
Financial Ombudsman Service
You should also bear in mind
Some companies may offer you new loans or even invite you to sell your property to them and then rent it back. Please be careful, as this may not be in your long-term best interests. We advise you to seek independent advice before entering into these type of arrangements.
You may be thinking about handing your keys over to us. If you do this, you'll still owe St. James’s Place Bank any outstanding debt, and we advise you to discuss this option with us first before taking such action.
Debt management companies can only operate if they are authorised by the Financial Conduct Authority (FCA) and some firms will cease to be authorised by the FCA from 1st January.
If you have used a debt management company to arrange a debt management plan and this company is no longer authorised:
Free debt advice is available to help you decide on what to do next. More information can be found below, or you can visit the Money Advice Service.
Please contact us as soon as possible, so we can help you. We will give you time to sort out a new plan with another debt management company. Please remember, during this time you are still responsible for paying your debt.
A list of authorised firms is available for you to view on the FCA website.