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UKAR’s FINANCIAL HARDSHIP TEAM.
Targeted ongoing support for our most vulnerable customers.
We know that life isn’t always easy. And when unfortunate
or unexpected things happen, UKAR’s Financial Hardship
Team is there to help customers weather the storm. Our
Specialist Team are a group of highly trained colleagues
who offer tailored and professional support to customers
experiencing financial and personal difficulties that affect
their ability to pay their mortgage.
As well as unemployment and redundancy, we have two
specific teams that manage some of our most vulnerable
customers. They support people with physical or mental
health problems and those living with critical or terminal
illness that makes keeping on top of finances difficult.
For these vulnerable groups of customers, a sensitive but
pragmatic approach is always needed and within UKAR we
will identify these customers through normal day to day
collections activity. Ensuring a referral to one of our Sensitive
Teams is a vital first step towards addressing their problems.
The team will then verify their situation – this might mean
talking to their mental health case worker, or in the case of
illness, understanding what this is, before drawing up an
individual plan of action to help.
In terms of assistance we consider each case on an individual
basis and carry out detailed financial assessments before
offering a range of forbearance solutions.
So for some customers we may agree to suspend or reduce
payments to give them the time they need to get back on
track. For others it may be about finding a longer-term
solution, including helping them sell their property via an
Assisted Voluntary Sale (AVS). Suggesting a sale isn’t always
easy but we have a duty to look at what’s best for vulnerable
customers going forward.
Helping to co-ordinate an AVS and taking care of any
associated conveyancing and estate agent costs can be the
most positive solution, in terms of both financial and
emotional well-being, as well as removing the stress of being
in arrears and avoiding repossession.
We refer all customers towards wider sources of help and
support, including debt advice providers, charities and other
professional bodies. Moving forward we expect to grow
and build on this service offering – ensuring that the most
vulnerable customers continue to receive the help they need,
whatever their circumstances.
Every customer identified as requiring this type of support
will be removed from the wider collections contact strategy.
A flag will be placed on their account to stop them receiving
automated phone, letter or text reminders about any
outstanding mortgage payments, which could add to their
distress. It also means their details are retained and prioritised
so they don’t have to explain what may be very upsettin