Mortgage Code: Financial Difficulties</strong>

(8) FINANCIAL DIFFICULTIES

Considering cases
(8.1)
We will consider cases of financial difficulty and mortgage arrears sympathetically and positively. Our first step will be to try to contact you to discuss the matter.

How we can help.
(8.2)
If you find yourself in financial difficulties you should let us know as soon as possible. We will do all we can to help you to overcome your difficulties. The sooner we discuss your problems, the easier it will be for both of us to find a solution. The more you tell us about your full financial circumstances, the more we may be able to help. General principles

(8.3)
We will follow the general principles of the CML's Statement of Practice on Handling Arrears and Possessions, including:With your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both our interests and yours; Possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful. Co-operating with recognised debt advice organisations

(8.4)
If you are in difficulties, you can also get help and advice from debt counselling organisations. At your request and with your consent, we will liase, wherever possible, with debt counselling organisations that we recognise, for example:Citizens Advice Bureaux; or Money advice centres; or The Consumer Credit Counselling Service.

(9) COMPLAINTS

Internal complaints procedure
(9.1)
We have internal procedures for handling complaints fairly and speedily and we will tell you what these are. These will include establishing a set time for an initial acknowledgement to your complaint. We will tell you how long it might take us to respond more fully.

Making complaints
(9.2)
If you wish to make a complaint, we will tell you about the outcome. Staff will help you with any queries.

Ombudsmen and arbitration
(9.3)
Lenders have separate independent Ombudsmen or arbitration schemes. The Ombudsmen or arbitrators are available to resolve certain complaints made by you if the matter remains unresolved through our internal complaints procedures.

(9.4)
Lenders subscribing to this Code belong to one or other of the following:

The Banking Ombudsman Scheme;
The Building Societies Ombudsman Scheme;
The Mortgage Code Arbitration Scheme.

(9.5)
We will display a notice in a prominent position in all our branches stating which Ombudsman or arbitration scheme we belong to and that copies of the Code are available on request.

(9.6)
We will give you details about which Ombudsman or arbitration scheme is available to you. You can also get information by contacting the appropriate Ombudsman or arbitration scheme at the addresses listed below.

The Office of the Banking Ombudsman
South Quay Plaza
183 Marsh Wall
London
E14 9SR
Tel: 020 7404 9944
Fax: 020 7405 5052
Website: www.obo.org.uk

The Office of the Building Societies Ombudsman
Quay Plaza
183 Marsh Wall
London
E14 9SR
Tel: 020 7931 0044
Fax: 020 7964 1000

The Mortgage Code Arbitration Scheme
International Arbitration Centre
12 Bloomsbury Square
London
WClA2LP
Tel: 020 7421 7444

(10) MONITORING & COMPLIANCE

Complying with the law and other codes
(10.1)
We will comply with the law and relevant codes of practice or similar documents, which are followed by members of the Council of Mortgage Lenders. The main codes include:

CML Statement of Practice on Handling Arrears and Possessions;
CML Statement of Practice on the Transfer of Mortgages;
BBA/BSA/APACS Code of Banking Practice;
Association of British Insurers General Business Code of Practice;
British Codes of Advertising and Sales Promotion;
Independent Television Commission Code of Advertising Practice;
Guide to Credit Scoring.

Compliance officer and internal audit
(10.2)
We have a 'Code Compliance Officer' and our internal auditing procedures monitor compliance with the Code.

Compliance by mortgage intermediaries
(10.3)
We will only accept business from mortgage intermediaries who are registered with the Mortgage Code Compliance Board and have thereby given an undertaking to comply with the Code. We are not responsible for mortgage intermediaries' actions or advice, unless they are our appointed agent for mortgage business. Your mortgage intermediary should tell you if this is the case. Your mortgage intermediary will disclose to you whether it will receive a fee for arranging your mortgage. Before you take out your mortgage, we will tell you if your mortgage intermediary will receive a fee for arranging your mortgage. On request, we will confirm to you the amount.

Mortgage Code Compliance Board
(10.4)
The Code is monitored by the Mortgage Code Compliance Board, which is an independent non profit-making company funded by registered firms. It's Board comprises representatives of lenders and intermediaries, together with a majority of public interest members.
The address is:

The Mortgage Code Compliance Board
University Court
Stafford
ST180GN
Tel: 01785 218200

(Complaints concerning the general operation of the Code can be made to them.)

Statement of compliance
(10.5)
We complete a 'Statement of Compliance' every year, which is signed by our Chief Executive and sent to the Mortgage Code Compliance Board.

INTERMEDIARIES ONLY >>