Managing debt
If you find yourself in financial difficulties, please let us know as soon as possible. Our specialist teams can help you assess your circumstances and work with you to find solutions to support you.
If you’ve been impacted by Coronavirus (COVID-19) and need financial help, please read our useful information page.
At TSB we are committed to supporting all of our business customers through this period of uncertainty.
If you experience financial difficulties:
- If you’re unable to make a repayment on your Bounce Back Loan we will provide timely, clear and adequate information to ensure you understand the amount you have missed, what can be done to remedy it, when you need to make any missed payments by, and how this could affect your future repayments;
- If you default on your Bounce Bank Loan, we will provide you with information about any proposed action we might take, before we take it;
- We will provide you with options for help and assistance, including sources of free independent advice.
We will also:
- Monitor repayments that you make during the life of your Bounce Bank Loan and take action to help you where there are signs of actual or possible repayment difficulties;
- Make adjustments to ensure that your circumstances are accommodated throughout the duration of your Bounce Back Loan, if we identify or believe you are vulnerable;
- Give you a reasonable period of time to remedy any breach if you default under your Bounce Back Loan. We will not treat the default as an event of default if you remedy the default within the period of time we give you;
- Not charge you any fees in relation to your Bounce Back Loan (including on default) or any default interest (except that we may continue to charge interest at the rate of 2.5% per annum if your Bounce Back Loan is not repaid when due until such time as it is repaid).
If you miss your repayments under the Bounce Back Loan, TSB would also have the right to repay any debt outstanding from other accounts that you may hold with us. Defaulting on your loan could negatively affect your credit score or rating with credit reference agencies, and make it more difficult for you to borrow in the future.
Complaints about our service
Please contact us.
Complaints – Financial Ombudsman Service
If we are unable to resolve your complaint to your satisfaction, or if we have not resolved your complaint within 8 weeks from when you first let us know about your concerns and you are an eligible complainant, you may be able to refer your complaint to The Financial Ombudsman Service, Exchange Tower, London E14 9SR (www.financial-ombudsman.org.uk). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.
To find out how your data will be used see our privacy notice.
This publication from UK Finance provides practical information and helpful advice to customers who are facing financial difficulty.