We understand that things don’t always go to plan. Whether you’ve been financially impacted by the pandemic, or any other unforeseen circumstances, help is at hand.
If you’re in financial difficulty it can impact both your mental and physical health and wellbeing. Taking a proactive approach to managing your money worries is always the best way forward. If you are facing any of the following situations, it might be time to think about getting some help.
Independent advice services are available to help you find the best way to manage your finances and support you in getting back on track. Take a look at some of these organisations and what they can do to help you.
If you’re worried about making payments, there are a number of tools and organisations that can help you. The most important thing you can do is let us know as soon as you realise you may struggle to make your payment, so we can help you get to the best or most appropriate outcome.
You can also complete our income and expenditure form, we’ll then assess this and contact you to discuss your options, for example; putting together a repayment plan that’s affordable for you.
To speak to the team, call us on 0345 650 6290. Our lines are open Monday to Thursday from 8am to 8pm, Friday from 8am to 6pm and Saturdays from 9am to 2pm.
Please call us immediately, we can discuss your situation and help you to get back on track. You can also complete our income and expenditure form, we’ll then assess this and contact you to discuss your options, for example; putting together a repayment plan that’s affordable for you.
To speak to the team, call us on 0345 650 6290. Our lines are open Monday to Thursday from 8am to 8pm, Friday from 8am to 6pm and Saturdays from 9am to 2pm.
If you previously struggled to meet your monthly contractual payments and have fallen behind on your repayments, we could help you set up a plan to get you back up-to-date with your payments. Here’s an example of how this could work:
John has a loan with Shawbrook and has a monthly repayment of £240. One month he missed a repayment which meant he was now £240 in arrears. He contacted us and told us that he wanted to pay his arrears but he could not pay the total amount immediately. We discussed his options and agreed a three-month repayment plan, which looked like this:
| Monthly repayment: | £240 |
| Amount in arrears: | £240 |
| Arrears Repayment Period Agreed: | 3 months |
| Additional monthly repayment (over three months): | £80 |
| New monthly repayment (over three months): | £320 |
After 3 months, John had paid off his arrears & continued to pay his original monthly repayment of £240 until his loan was paid off.
We have a range of tools to help you and different repayment plans that could be more suitable to your situation. Please call us and we can talk you through your options.
To speak to the team, call us on 0345 650 6290. Our lines are open Monday to Thursday from 8am to 8pm, Friday from 8am to 6pm and Saturdays from 9am to 2pm.
Whether you’ve lost your job, had to accept a salary reduction, or are going through a period where you have more expenses to pay than usual, it’s important to keep a clear head. Think sensibly and seek help.
There are a range of options available to you if you need financial support, including independent organisations. The main thing to remember is to contact providers or advice services as soon as possible, so they can help support you and your financial situation appropriately.
If your income has been affected, the Money Advice Service can help advise you about support you may be entitled to. If you’re struggling, you should apply for help as soon as you can. Here are some of the main ways the government could help:
Another thing to do is to check your insurance policies. If you have a mortgage or any loans, you may have also taken out separate cover to help with the payments in case you're unable to work or you lose your job. It’s easy to lose track of these but, depending on your circumstances, you might be able to make a claim, so it’s worth looking in to.
Banks generally have measures in place to help support you if your income has dropped and you’re struggling to make repayments. If you have a mortgage and other priority bills then you may be able to take a payment holiday. You will not have to make repayments for a set period, but you will still be charged interest during the holiday period, which will be added to your balance. If your bank offers this facility, think carefully about whether it is right for you, and make sure you have a clear understanding of the terms and conditions associated with it before you enter into any agreement.
Some banks have also eased restrictions on some of their savings accounts so it's easier for you to get to your money if you need to. You might also be able to benefit from reduced interest rates on arranged overdrafts.
Free advice on debt, benefits, housing, legal matters, employment and general consumer advice.
Free advice on debt, divorce/separation, setting up a new home, care & disability.
Free advice on bankruptcy, charging orders, employment, benefits, money management and mortgage/repossession support.
Free and confidential advice on debt.
Government support for landlords and renters reflecting the current coronavirus (COVID-19) outbreak.
Support for anyone suffering with mental health problems.
Free debt advice and debt management plans.
