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Managing Your Money Q3 2022

How finance providers can support customers in financial difficulty

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Eric Leenders

Managing Director of Personal Finance, UK Finance

The rising cost of living is evident all around us. It can be easy to find it overwhelming, and for anyone worried about their finances, it’s important to seek help early.


Banks and other finance providers are ready to support their customers. They offer a range of tools and resources on their website and in branches to help you manage your money — whether through ways to maximise your income, reduce your costs or support your mental health.

Financing options

Lenders can work with you if you are having trouble paying your mortgage, credit card or personal loan. They can offer you what is called ‘tailored support.’ This means it will be focused on your individual circumstances and based on what you can afford.

For credit cards and personal loans, this could include making reduced payments for a short period or setting up a longer-term repayment plan. For a mortgage, your lender might offer an option such as a part payment plan, extending the mortgage length or temporarily transferring to an interest-only mortgage.

To help you get the support you need, your bank or finance provider may ask questions about your income and outgoings so they can better understand your financial circumstances. They will then be able to explain the options available to you and what the tailored support being offered means, including how these would be reflected on your credit file.

Lenders can work with you if you are having trouble paying your mortgage, credit card or personal loan.

Lender access

You can contact your lender in several different ways. These include via mobile and online banking services, on the telephone or in-branch. Their website will also provide helpful information, and you should also refer to any letters that you may have received.

If you have several debts across different lenders or you are having trouble paying your other bills, you may benefit from free and impartial debt advice. A debt adviser will help you work out which debts to pay first and help you deal with different lenders. They may also help you find out if you are entitled to any state benefits or tax credits, which can help increase your income. During these difficult times, it’s important to know that there’s help at hand. If you’re facing financial difficulties, speaking to your bank or finance provider is a valuable first step.

MoneyHelper provides information on free and impartial debt advice. You can access this support online (which may be quicker), via the telephone or face to face.

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