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Financial difficulties

If you are having trouble paying your mortgage, we will try to help you. This explains how we will treat you fairly, and what steps you should take to help yourself.

We will

  • Contact you as soon as possible to discuss your problem
  • Only contact you by telephone at a reasonable hour, between the hours of 8.00am and 9.00pm
  • Liaise with your Solicitor if required
  • Where appropriate we'll need to ascertain your current financial position by reviewing your current income and household expenditure
  • Give you reasonable time to pay back the debt
  • Only start proceedings to repossess your home if we cannot solve the problem with you

We might be able to

  • Arrange a new payment plan with you, taking your and our interests into account
  • Change the way you make your payments, or the date you make them
  • Allow you to pay back your mortgage over a longer period of time (which would reduce your monthly payments)
  • Change the type of mortgage

If we cannot offer you any of these options, we will tell you why. If we can make one of these arrangements with you, we will explain how it would work and give you time to consider it. If we cannot offer any of these options, we might agree to you remaining in the property to sell the property yourself depending on your circumstances.

What you can do to help us

  • Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly
  • Seek debt advice if you would like help with managing your finances
  • Contact us quickly, if we try to contact you
  • Make sure you keep any other people paying the mortgage, and anyone guaranteeing the mortgage, up to date with what is happening
  • Keep to the payment plan we agree with you, or tell us if there is a change in your circumstances which may affect the arrangement. If you do not make the agreed payments, we might have to go to court to get back any money you owe us, or to repossess your property
  • Check whether you can get any state benefits or tax credits which could help to increase your income
  • If you have an insurance policy, check whether it would help with your payments
  • Tell us if you move to a new address

You may want to talk to a professional adviser, such as a debt counsellor or a Solicitor, before you change your mortgage arrangements. We would strongly advise that you seek independent, free, debt advice.

Costs and charges

  • If you are in arrears, we may charge you for reasonable administrative and legal costs
  • If you do not maintain contact with us we may use the services of a field agent to ensure that you have received our correspondence and that your property is secure. Any costs will be passed to you

We will always tell you the amount you will have to pay.

If we cannot agree on a solution

  • We may go to court to start proceedings to repossess your home. If proceedings take place, we strongly recommend that you attend the court and that you seek independent debt advice
  • Starting court proceedings does not necessarily mean that we will repossess your home. We will keep trying to solve the problem with you. Possession is a last resort
  • Before we repossess your home, we will give you advice about getting in touch with your local authority to see if they can find you somewhere else to live

If we repossess your home

  • We will sell it for the best price we can reasonably get
  • We will try to sell it as soon as possible
  • We will give you reasonable time to take your possessions from your home
  • We will use the money raised from selling your home to pay your mortgage and any other loans or charges
  • If there is any money left over, we will pay it to you

If selling your home does not raise enough money to pay off the mortgage

  • If there is not enough money from the sale to pay the whole mortgage, you will still owe us the amount that is left (a shortfall debt). We will tell you what this is as soon as possible
  • If there is indemnity insurance and The Cambridge makes a claim to cover any shortfall, the insurer has the right to recover from you any monies paid to us. We may seek to recover on the insurer's behalf the money you owe at the same time as recovering the balance of our loss which was not covered by indemnity insurance
  • If you bought your home with other borrowers, each of you is responsible for all the money borrowed. This is true even if you normally only pay part of the mortgage
  • We will contact you within six years of selling your property (five years in Scotland) to arrange for you to pay back what you still owe
  • We will take account of your income and outgoings when we arrange a payment plan for this shortfall debt with you. But if we cannot arrange a suitable plan, we may go to court to get our money back. You might have to pay additional court costs
  • If a shortfall debt is not paid, it could affect whether you are able to get credit in future

Additional information
We must advise you that if you fail to make your mortgage payments and we are unable to reach an agreement with you to repay the debt, we will record the default with a credit reference agency. We will give you 28 days' notice before taking this action. The default will remain on record with the credit reference agency for six years.

We may appoint a debt collection agency or a Solicitor to act on our behalf in the recovery of the debt. We will inform you before we disclose your details to them.

There is help available
The Building Societies Association (BSA) and the Money Advice Trust (MAT) have produced a booklet giving straightforward advice on what to do if you can’t pay your mortgage. The Money Advice Trust also have a website and a free debt advice helpline number 0808 808 4000.

Further help can be found on The Money Advice Service website. They offer free and impartial money advice.

Treating you fairly
If you do not think we have treated you fairly, you can complain to:

Victoria Stubbs
Chief Risk Officer
Cambridge Building Society
PO Box 232
51 Newmarket Road
Cambridge
CB5 8FF

You may wish to read our full complaints procedure.

If your complaint is not dealt with to your satisfaction, you may then take it to the Financial Ombudsman. The Financial Ombudsman Service provides a free and independent service for consumers and can be contacted at:

Financial Ombudsman Service
Exchange Tower
London
E14 9SR

Phone: 0800 023 4567, free for people phoning from a 'fixed line' phone (for example, a landline at home) or 0300 123 9123, free for mobile phone users who pay a monthly charge for calls to numbers starting 01 or 02.
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

Other issues
Some companies may offer you new loans or even invite you to sell your property to them and then lease it back as a way of resolving your short term financial difficulty. Please be careful, as such actions may not be in your long term best interests. We would advise you to seek independent advice before entering into any arrangement of this type.

You may be thinking about handing your keys over to us. If you do this, you will still owe us any outstanding debt, and we would advise you to discuss this option with us before taking such action.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE