As a building society, we want to look after our Members, and we know that unexpected changes in life aren’t always positive.
If you have money worries or are experiencing financial pressures and you’re worried about paying your mortgage, we’re here to help. We’ll explain what steps we can take to help you and what options are available to you.
Please speak to our mortgage support team or your local branch and we’ll do our best to find a personalised, sustainable, repayment plan for your mortgage to support you through this difficult time.
Our booklet about what to do if you can’t pay your mortgage provides information on the steps you can take, what to expect from us, the role of free debt advisers and how to access these services.
You can also see our section below on free debt advice services and other sources of help.
Mortgage Charter
An announcement made by the Chancellor on the 26th June 2023 confirmed the introduction of a set of standards designed to provide relief for borrowers dealing with higher interest rates and a higher cost of living, called the Mortgage Charter.
A number of lenders including Progressive Building Society have signed up to this Charter.
Bereavement Support
Losing someone close to you can be devastating. We understand that you’ll be grieving and sorting out financial matters will be the last thing you’ll want to think about at such a difficult time.
Financial Abuse
What is financial abuse?
Financial abuse is the mistreatment of someone in terms of their money or assets, such as property.
Taking many different forms, financial abuse can occur within different relationships – partners, family, friends or carers.
- Unusual or inappropriate transactions on your bank statements.
- Feeling pressurised into giving money to others, leaving you without money to pay for essentials.
- Losing money, cash or sum from your account without explanation.
- Feeling forced into making changes to your financial plans or withdrawals from your accounts by others.
- Unable to access money via your banking or income sources.
It is important to highlight if you, or someone you know, may be experiencing financial abuse help and support is available. Progressive Building Society, like other financial service providers, can offer help by talking you through the different ways to help and protect you. Our trained team will deal with your concerns privately, in a sensitive manner.
Ways to help protect yourself and your finances:
If you believe someone has access to your account details without your permission, change your password and login details. Only YOU should have access to account passwords.
If you are worried someone is opening your account letters and statements, contact us to change the postal address to ensure letters are delivered to a trusted friend or family member.
If you are concerned that money is being withdrawn without your permission, set up the account so that both parties have to sign off and agree to any withdrawals.
If you’re having difficulties paying debt because of an abusive situation, get in touch with us.
If you do not wish to speak to us, there are several organisations specifically trained to help with financial abuse, good at listening and giving advice.
See our “Free Debt Advice Services and other Sources of help” section below.
Budget planner
Household finances can be a struggle as the cost of living continues to rise, impacting all of us. If you’re worried about your budget, use the MoneyHelper budget tool to help you take more control of your money.
Change in circumstances
If you’ve had a change in circumstances which has impacted your financial or debt position, please contact us and we’ll work with you to help find a solution that works for you. What we offer you will depend on your personal, individual circumstances. We encourage you to engage with us as soon as possible and tell us about your financial circumstances to help us provide an individual, tailored and sustainable payment plan.
Our team will discuss the options available to you and if we can’t help, we’ll tell you why and we’ll recommend trusted organisations who may be able to do so.
What you should do:
- Contact us as soon as you’re having problems repaying your mortgage or if you think that you might experience problems in the near future. The sooner you get in touch, the sooner we can agree a solution for you. Simply contacting us to discuss your options will not impact your credit file.
- If you’ve someone acting a guarantor on your mortgage, tell them about your circumstances.
- Seek free, independent and confidential debt advice for help with managing your finances (see the section below on ‘Other sources of help’).
- Check whether you can get any state benefits, which could help to increase your income.
- If you have insurance policies, such as income protection, check whether they can help with your payments.
- Keep to the payment plan we agree with you or tell us if there is a change in your circumstances that may affect the payment arrangement.
- Tell us if you change address or there is a change to your circumstances.
Free Debt Advice Services and other Sources of help
Debt advisers are organisations who can offer independent, confidential and free debt advice.
They can help you work out your income and expenditure and complete your household budget.
They can also help you find out if you’re entitled to extra income such as benefits and help to make sure the most important debts are paid first.
Companies may contact you offering payday loans and similar products that may offer a short-term solution to debt concerns. These may not be the best long-term option, however, so please contact a debt advice service before taking out any additional loans.
Please note, your credit rating may be negatively affected if you fall behind on mortgage payments. Please contact us as soon as possible to keep this to a minimum. Progressive Building Society may charge for reasonable administrative and legal costs in accordance with our Tariff of Charges.