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.

CBILS overdrafts

We are offering CBILS overdrafts from £50,001 up to £250,000 - subject to status. There is nothing to pay for the first 12 months. If you would like to borrow under the CBILS overdraft please use our Overdraft Request Form to let us know what you need. A Relationship Manager will then be in touch by phone or email to progress your request.

Bounce Back Loans

We are offering Bounce Back Loans from £2,000 to £50,000 (up to a maximum of 25% of your business’ annual turnover), for small businesses impacted by Coronavirus (COVID-19) - subject to status. There is nothing to pay for the first 12 months, and after this the interest rate is fixed at 2.5% per annum. The loan is available for a total term of six years. If you choose to take out a loan, you are responsible for all repayments owed under the loan.

To find out more visit our Bounce Back Loans page.

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.

You can get free, independent money advice from any of the following:

Money Advice Service (MAS)  Phone: 0300 500 5000 

Advice UK  Phone: 0300 777 0107  

Debt Action NI  Phone: 0800 917 4607 

Citizens Advice  You can get the phone number of your local bureau online or from a local phone directory. 

Citizens Advice Scotland  Phone: 0131 550 1000 

Money Advice Scotland  Phone: 0141 572 0237 

Business Debtline  Phone: 0800 197 6026

StepChange Debt Charity   Phone: 0800 138 1111 

How we will support business borrowers when they need it most

At TSB, we know that borrowing money can be daunting, and that industry scandals have impacted trust in bank lending. We have therefore set out clear key principles we will follow to help businesses that get into financial distress.

If a business banking customer is experiencing financial difficulty, we will seek to help during this challenging time by providing specialised support to help return the company to viability in a timely and cost-effective manner, wherever possible. We seek to act honestly, fairly, and professionally in all our interactions with business customers. We do however need the customer’s co-operation and responsiveness to work together to achieve the desired outcome.

Where we are providing support to a business in financial difficulty:

  1. We will be fair and transparent in what we do. We will keep the customer informed of the course of action we are taking and why. We are open to challenge, and will manage complaints sensitively in line with our defined procedures.

  2. We will provide reasonable time for the customer to return their business to health, and will offer flexibility to existing arrangements if it will help to repair the situation. We will continue to provide the same day to day banking services wherever possible, and will consider requests to pay in excess of agreed limits where this involves critical payments identified by the client, such as staff salaries. Affordability and the longer term health of the client will always be a consideration in such decisions.

  3. We will not raise loan margins on existing facilities if a business is experiencing financial difficulty. Any fees we charge on restructuring facilities (for example extending the term of the existing loan) or additional facilities (for example where the business needs additional funding to support recovery) will be in line with our standard rates (i.e. the matrix of prices that applies to the wider customer base). 

  4. We will not default a business if it is up to date on its loan payments, but a valuation change impacts a loan to value covenant and other covenants are not breached.

  5. We will not demand full repayment or remove an overdraft outside of its renewal cycle, unless a business has breached our terms of lending, or is demonstrating wider financial distress that would lead this to be an appropriate approach for the customer.

  6. If we need to engage any third parties in support of an agreed strategy at the cost of the customer, our customers will be fully informed of the reasons why and costs involved in advance of work being undertaken.

And let’s be clear, our business support area will never be a profit centre, and our partners will never be incentivised for additional income earnt on accounts in business support.

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