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The increase in the cost-of-living is making things tough for many people. Rising prices, changes in employment and ill-health can result in running out of money each month. If that sounds familiar, please contact us today. We could give you the break you need.
Most of us experience money worries at some time, but what are the signs that you may be heading towards or already in financial difficulties? The cost-of-living crisis has seen the price of energy, food, clothing and more increased. This has hit household budgets and for many, this is making it harder to cover all their debts and bills. A change in income, such as a reduction in hours, losing a job or being unable to work due to ill health or needing to care for a family member can also impact the ability to repay what were previously manageable debts. Here are some examples of what could indicate you are heading towards or already in financial difficulties:
- You’re worried about money and what you owe
- You owe money to lots of different firms and people
- You’re worried about being able to pay your priority bills, such as the electric or gas bill
- Your income has reduced, and you now don’t have enough money to cover your debts and priority bills
- Your income has been reduced and you are not sure if it will go back up
- You or a family member has experienced ill-health unexpectedly, impacting your income or increasing your costs
- You are borrowing more money at a higher rate of interest to repay the debts you already have
If any of this sounds familiar, please contact the Financial Help Squad.
If you have missed repayments or you are worried about being able to make your payments in full, it's OK. Our friendly Financial Help squad are on hand with a range of solutions, all without fees, that could help you in your unique situation.
Depending on your circumstances, the solutions could include reducing your payments and granting a payment break. Acting sooner to tackle debt problems could make them simpler and quicker to resolve.
Everyone at JN Bank UK is committed to helping you find the right financial support for you. The examples below are real-life stories from those customers we have helped during the cost of living crisis.
After Stephen lost his job due to a period of ill health, we stepped in and reduced his monthly payments from £360 to £50 per month. Stephen could then pay all his essential bills, and after three months was able to return to his usual payment.
Megan couldn’t work due to starting her maternity leave and only qualified for state maternity pay. We agreed to reduce her payments from £260 to £20. Megan returned to work and we then agreed to extend her long term to keep the monthly payment manageable and allow her to clear her debt.
Tim’s father became seriously ill suddenly and unexpectedly. Tim became his father's full-time carer during the last few weeks of his life. We helped Tim by reducing his monthly payments from £320 to £50. Tim later returned to work and resumed his usual repayments.
Note: Some options could affect your credit score or cost you more in total interest. Our Financial Help Squad will guide you on the options available and how they could impact you.
Most of our customers have a regular direct debit set up to make their monthly payment. Debit debit is our most preferred way of payment, however we know that life can sometimes throw us a curve ball and that you might miss a payment. That’s why we have some alternative ways to pay your loan in case you miss your direct debit payment.
Paying by card - You can also make a payment by card via the online form linked at the top of this page. All you need is some personal information, and the card details of the account you want to pay from. Simply click the banner that says Pay by Card.
BANK transfer – You can make a payment to your JN loan account : sort code - 04-13-33 and account number - Your JN Bank loan account number
FREE payment line – Contact us on +44 808 178 8777 and quote your account number for us to proceed with the payment.
Note: Missing a repayment will impact your credit score. This could make it harder for you to gain credit in the future.
You can also make payment through the option above; by card, over the phone, or through BACS transfer.
If you are struggling with making payments or feel that you are unable to pay the full repayment amount, the first step is to talk to us. Our friendly team is ready to help find a solution for you. Get in touch with us using the contact details below in the green box.
Alternatively, there are some recommendations further down on where to go for free, independent advice and information.
You can make your loan payment by transferring money from your bank account to your JN Bank UK loan account. Use the following sort code and account number for your transfer, quoting your JN Bank UK loan account number.
Sort Code: 04-13-33
Account Number: Your JN loan Account Number
If Direct Debit does not go through, there is also an option to make a payment by card using a FREE payment line. Contact us on 0204 542 2459, quote your account number, and we will help you proceed with the payment.
Additionally, you can pay via the online form in the 'Pay by card' banner above these FAQs.
We know talking on the phone can be daunting at times. Our team specialises at working with people going through challenging times. If you wish, you can email us at Collections@jnbank.co.uk.
You can also send an SMS message for 2-way communication support on +44 772 343 0011.
Alternatively, you can fill in an enquiry form with a few details about yourself, your financial situation, the amount you can pay, and for how long. Someone from our friendly Financial Help Squad will be in touch to support you. Please click here to fill in the enquiry form.
You can click here to access your account. You will need your username and password to log in. If you have problems logging into your account, we can help you. Our Financial Help Squad are always happy to guide you through the options available to you. Give them a call on 02045 422459, or +44 02045 422459 if you are outside the UK.
If you are struggling with debt to one or multiple lenders or struggling to keep up with repayments; an IVA (Individual Voluntary Arrangement) or a Debt Relief Order (DRO) could be an option to make your debt more manageable.
An IVA is a formal, legally binding agreement between you and a lender which states that you agree to make regular, monthly payments to pay off your debt within an agreed amount of time. An IVA protects your assets from being seized by lenders if you are unable to make payments.
A Debt Relief Order is a formal, legally binding agreement between you and a lender that lasts 12 months. After this period, your financial situation is reassessed, and if the decision is made that you are still unable to pay back the debt that you owe, your debt will be written off. To qualify for a DRO, you must have no more than £30,000 in debt, disposable income of no more than £75, or have assets or a vehicle that is worth more than £2,000 each.
Everyone's financial and emotional situation is different, and there is also no one solution to everyone's circumstances. If you are struggling to understand which is the right option for you, please reach out to our friendly Financial Help Squad.
A Debt Management Plan (DMP) is an informal agreement between yourself and a lender to make regular payments to clear off the debt. A DMP is usually managed by a third party, a DMP Provider, so rather than dealing with the Lender yourself - you deal with the DMP provider.
Unlike an Individual Voluntary Arrangement or a Debt Relief Order, a DMP is not legally binding.
Not everyone's financial circumstances are the same, so it's important to understand that there will be no one solution to match everyone's situation. If you think you are struggling to make your repayment schedule on time, or are struggling to understand which debt management option is right for you - please reach out to our friendly Financial Help Squad in the banner below.
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