What to do when you are struggling to meet your mortgage repayments

View the Mortgage Arrears Resolution Process (MARP) Booklet »

We (Leeds Building Society) Can:

• Arrange a home visit to discuss your current circumstances and obtain a Financial Analysis report
• Change the way you pay e.g. from monthly to weekly
• Change your method of payment e.g. direct debit, standing order, cheque/draft
• Change your repayment type on a temporary or permanent basis
• Extend the length of your mortgage term
• Look to agreed affordable arrangements after considering your current financial circumstance
• Capitalise your arrears once we have received a minimum of your monthly payment for six consecutive months

As a last resort and once all avenues have been exhausted we may look to commence possession proceedings. However, we will continue to try and agree a mutually acceptable solution.

You Should:

• Contact us as soon as you are aware you may have a problem keeping up with your mortgage repayments
• Respond quickly to communications and don’t ignore the problem
• Pay what you can afford (as opposed to nothing) whilst negotiations are ongoing
• Remember your mortgage repayments are your priority debt
• Check entitlements to benefits and also if you have a Payment Protection policy in place to claim on
• Seek independent debt/financial advice from an agency such as MABS or your local Social Welfare Office
• Work out what you can afford to pay now & we can then re-calculate the figure once any claims for benefits have been accepted
• Keep us informed if your situation changes at any time

Remember

• Missing your mortgage repayments and entering into a payment arrangement may affect your credit file. Please note that the Society supplies information to a credit reference agency on a monthly basis. If any arrears remain on your account for more than 28 days after the date of the initial letter from us, an adverse credit reference may be made which could affect your ability to obtain credit in the future.
• If you hand the keys to your property back or we sell the property after re-possession you are still liable for the outstanding debt and will need to make arrangements to repay this
• Additional charges incurred when your account falls into arrears such as letter charges and solicitors costs can be debited to your mortgage account increasing your overall debt
• Not paying your mortgage will cost you more in the future

All named parties on the mortgage are responsible for the debt – irrelevant of who pays what and who lives there.

Below is a budget questionnaire which can be completed to help us to understand and assess your current financial position and consider possible repayment plans where appropriate.

Standard Financial Statement (SFS)

Complaints

As in any organisation, unfortunately mistakes and misunderstandings do occur. If we get things wrong, we do our best to resolve any problems as quickly as possible. This guide outlines our procedure if you have a complaint with the service you have received from the Society.

• If you feel we are not dealing with you fairly you can request a copy of our Internal Complaints procedure which will explain what you need to do.
• You can also contact the Compliance Department direct at the address below. Alternatively you can view our resolving problems guidence document »
  
  Compliance Department
  Leeds Building Society
  105 Albion Street
  Leeds
  UK
  LS1 5AS
  Tel: 0044 1132257777
  Fax: 0044 1132167289

Useful Contacts

Leeds Building Society Collections Department: 0044 113 2257973

Leeds Building Society Dublin Office: 00353 16788824

IBF ‘Dealing with Mortgage Difficulties’ - http://www.ibf.ie/pdfs/Mortgage_repayments_guide_Feb10.pdf

Money Advice Budgeting Service (MABS) Website: www.mabs.ie

Irish Revenue Website: www.revenue.ie

Social Welfare – www.welfare.ie

Financial Regulator – www.itsyourmoney.ie