We will try to contact you by telephone in the first instance to gain an understanding of your circumstances. All calls are recorded for training purposes.
We will complete a review of your income and expenditure with you. If you wish, you can complete our income and expenditure form online and send it to us. This will enable us to see if there is any disposable income available to make an arrangement to clear the shortfall/arrears on your account. These options may include:
- Changing the payment due date
- Changing the method by which you make your repayments
- If your mortgage/loan is on an interest and capital basis we can see whether we can extend the term of your mortgage/loan over a longer period which will reduce your repayments
- We can ask for a Field Agent to visit you at your home to discuss your circumstances on a face to face basis (There is a cost involved for this service and is detailed on our Tariff of Charges)
- If you are selling your property we may be able to help with an Assisted Voluntary Sale.
If we cannot offer any of the above we will give you details of the reasons why.
We would strongly recommend that you seek free independent advice before making any changes to your mortgage.
If arrears accrue on your account and we cannot reach an arrangement with you we may need to commence legal proceedings to recover the arrears and this will incur additional costs.
This will mean that a court hearing is obtained and it is advisable that you attend and that you seek independent financial advice. If court proceedings are commenced this does not necessarily mean that your home will be repossessed. Repossession is a last resort.
You should remain in contact with the Society to try and resolve the problem.
If you find yourself in this difficult position please read the attached leaflet for help and guidance.
Credit rating agencies are independent companies, who collect personal data and financial history. This information is used to prevent fraud and decide whether to lend money or provide credit. We, like other lenders provide the agencies with information about how mortgage/loan accounts are managed. Other lenders will use this information for credit assessments.
If your account falls into arrears this information will be recorded with the credit rating agencies. This may mean that you will find it difficult to obtain credit or borrow money in the future.
You are entitled to view this information and can request a report online or in writing for a small fee.
You will need to provide your name, date of birth and address over the last 6 years.
If you fail to keep up with your mortgage payments there are a range of common charges you will be expected to pay.
Details of all our current charges can be found in our Tariff of Charges leaflet. You will also be notified of any costs incurred for the management of your account. This includes any administration charges for non-payment or litigation.
If your home is repossessed we will do all we can to obtain the best possible sale price for your property.
The proceeds of the sale will be used to repay all loans and charges including your mortgage which are secured against the property and any fees incurred from the sale. If there is any money left over we will pay this to you.
If there are insufficient funds to repay your mortgage balance you will still owe us whatever is remaining. This will be referred to as a shortfall debt.
We will try to arrange a repayment plan with you to recover the shortfall debt.
An unpaid shortfall debt could stop you from getting credit in the future.