From 4th July 2011 our savings product range will no longer be offered as new accounts. All existing accounts will continue to be serviced as normal. Our mortgage products will continue to be available to existing Standard Life Cash Savings & Mortgage customers only.
If you are having difficulty paying your mortgage, we will try to help you.
If you are having difficulty paying your mortgage, we will try to help you. This explains how we’ll treat you fairly, and the steps you can take to help yourself.
Standard Life Mortgages wants to ensure you have all the information you need to make an informed decision relating to your options. As well as the guidance contained in this leaflet we would strongly recommend that you review the FSA’s information sheet on ‘What to do when you can’t meet your repayments’.
If you’re having trouble paying your mortgage, our aim is to always treat you fairly and help you find a solution.
We’ll contact you to discuss any problems at the earliest opportunity and if you want us to, we’ll talk to any agency that is offering you debt advice, such as the Citizens Advice Bureau.
We may be able to arrange a new payment plan with you.
We may also be able to change the way you make payments, or the date you make them.
Another option could be for you to pay back your mortgage over a longer period. This could reduce your monthly payments (but please note that paying back your mortgage over a longer period will usually increase the overall cost of your mortgage).
We could even change the type of mortgage you have.
Whatever happens, we’ll give you reasonable time to pay back the debt by agreeing a plan with you that takes into consideration your specific circumstances.
If we’re unable to offer you any new options, we’ll explain why.
If we can make fresh arrangements with you, we’ll explain how everything works, and give you time to consider this.
If you’re having problems repaying your mortgage, or think you might run into difficulties in the near future, tell us as soon as you can.
If we contact you first about any problems, please try and get back to us quickly.
If you’ve got an insurance policy check to see if it covers your payments.
Find out if you’re eligible for state benefits or tax credits, which could help increase your monthly income.
Make sure you keep any other people who are responsible for paying the mortgage, or anyone guaranteeing the mortgage, up to date with what is happening.
If you’re moving to a new address then let us know.
We would strongly recommend that you seek independent financial advice. There are many organisations in the UK that are able to provide this service free of charge including the citizen’s advice bureau. These organisations can work with you, for example to agree a plan with us to help clear your arrears and get you back on track. If you intend to use these services please let us know at the earliest time, this will then allow us to give you time to consider your options.
When you make a proposal we will consider this and will work with you and your advisor to ensure it meets your obligations in a manner that fits your circumstances*.
If you don’t make the agreed payments, we might have to go to court to get back any money you owe us. As a last resort, we may even have to repossess your property.
If you’re in arrears, we may charge you for our reasonable administration and legal costs.
*If you live in Scotland, the Debt Administration Scheme (DAS) may apply. This is a debt management scheme set up by the Scottish Executive in 2004. The scheme applies to individuals who live in Scotland, have two or more outstanding debts (not necessarily with the same creditor), and have some money left over once they have paid essential expenses. The scheme helps you, via a Money Advisor, to create a Debt Payment Plan to provide a means of clearing your debt. Further details are available upon request.
If you think you’ve been treated unfairly, you have the right to complain.
You should contact:
Standard Life Mortgages
Customer Relations Team
PO BOX 23966
Edinburgh
EH3 1BF
Telephone: 0845 845 8450
If your complaint isn’t dealt with to your satisfaction you have the right to take it to the Financial Ombudsman.
The Financial Ombudsman Service provides a free and independent service for consumers. They can be contacted at:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
Telephone: 0845 080 1800
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
