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Financial Difficulties

Helpful information and support details

At PSA Finance we understand that sometimes circumstances can change which can lead to financial difficulty. Please do not suffer in silence if this is the case with your PSA Finance agreement. If you are behind with payments and have received an arrears notice please contact us and make us aware of your situation. We will then consider your individual case and discuss the options available to you. 

As documented by the Financial Conduct Authority there are a number of things to consider if facing financial difficulty. Doing nothing can make the situation worse as the lender could take legal action against you meaning that you could end up paying more in interest and charges. Missed payments could also affect your credit rating making it difficult to get credit in future. 

Work out how much money you owe

Firstly you need to assess the situation, working out the amount of money you owe and who you owe it to. A debt advisor can help you make a list of all of the organisations that you owe money. 

Contact the organisations that you owe money

Let them know you are having problems. They may be able to discuss alternative options for paying back what you owe. 

Get free help and advice

Your rights and options depend on the type of agreement that you have, and the law can be very complex so it's best to get advice on this. You can get free, independent help and advice from a number of organisations. We have listed these below for you.  

Prioritise your debts

Some debts are more urgent than others because the consequences of not paying them can be more severe. For example, mortgage, rent, council tax/rates, gas or electricity arrears could have implications on your house. A debt adviser can help you to work out a budget in order to keep your finances under control. 

Think carefully before borrowing money to repay debts

Some people assume that the easiest option is to borrow more money but we'd strongly recommend getting free, independent advice before doing so. You will likely pay more in the long run and if you borrow against your home you risk losing your home.

You may be able to ask a court for more time to repay a debt 

In some circumstances this is an option. Speak to a debt adviser before considering court action and be sure to keep copies of letters and emails in case these are needed by the court. 

 

Useful Contacts

You can contact the following not-for-profit organisations for free, confidential and impartial debt advice, or for details of where to get advice in your local area. 

Money Advice Service

For free, unbiased and easy-to-access money tools, information and advice
Website: www.moneyadviceservice.org.uk
Telephone: 0800 138 7777

If you live in Scotland, please use the following details: 
Website: www.moneyadvicescotland.org.uk
Telephone: 0141 572 0237

If you live in Northern Ireland, please contact Citizens Advice using the following details: 
Website: www.citizensadvice.co.uk
Telephone: 0800 028 1881
Email: debt.advice@citizensadvice.co.uk

AdviceUK

Member centres offer debt advice including specialist advice for minority communities and people with disabilities.
Website: www.adviceuk.org.uk
Telephone: 0300 777 0107

Christians Against Poverty (CAP)

For free debt advice in your home. Check your postcode coverage via the website. 
Website: www.capuk.org
Telephone: 0800 328 0006

Citizens Advice

For advice and information on debt and other topics.
Website: www.citizensadvice.org.uk
You can find your local Citizens Advice using the search on the website. 

National Debtline

Available to those living in England, Wales or Scotland for debt advice and information.
Website: www.nationaldebtline.org
Telephone: 0808 808 4000 

StepChange Debt Charity

For debt advice throughout the UK.
Website: www.stepchange.org
Telephone: 0800 138 1111

Civil Legal Advice

You may get legal aid if your home is at risk.
Website: www.gov.uk/civil-legal-advice
Telephone 0345 345 4345

Financial Ombudsman

If you have a complaint that you can’t resolve with your lender, the Financial Ombudsman Service may be able to help. 
Website: www.financial-ombudsman.org.uk
Telephone: 0300 123 9123 or 0800 023 4567