Payment difficulties? Talk to us
At Trusted Novus Bank, we understand that circumstances can change and if they do, you can come and talk to us. Our goal is to understand and resolve any payment difficulties you may experience.
We are a value based bank and our values mean that we will treat you fairly and respect your situation. We will also be open and honest with you. If you are experiencing payment difficulties, you should contact your Relationship Manager at Trusted Novus Bank or call us on +350 2000 3000.
What will happen if you miss a payment?
In the first instance, we will write to advise you of the missed payment and what charges will be incurred as a result. We will ask you to rectify any missed payments and invite you to contact us if you think you will not be in a position to do so.
In the event that the arrears are not rectified or further payments are missed, we will contact you again. This may be in writing or by telephone. We will once again advise you of the missed payments and any costs incurred as a result. We will once again ask that you rectify any arrears and invite you to contact us if you think you are unable to do so.
If your payment difficulties persist, we will contact you and ask you to come and talk to us in order to:
- understand the cause of the arrears
- understand whether it may continue
- discuss what options may be available to you
- agree on a solution with you
Any solution will take into account your individual circumstances and your ability to repay. Some solutions that may be considered are:
1. total or partial refinancing of a credit agreement;
2. changes to terms and conditions of the credit agreement, which may include:
- extending the mortgage term
- changing the mortgage to interest only for a period
- part payment
- a payment holiday.
Our goal is to resolve any payment difficulties and reach agreement with you on the best way to achieve this. We will therefore write to you to confirm any agreement that we reach.
If we are unable to reach agreement
Unfortunately, not every situation can be resolved and where this is not possible we may need to initiate steps to repossess the property.
Your home may be repossessed if you do not keep up the repayments on your mortgage.