Trouble Repaying Your Loan?
Having trouble paying your loan:
As a community co-operative Acorn Community Bank is committed to offering products and services that help members manage their money and build up a history of good money management.
Everyone who has a loan with Acorn Community Bank is a member of the bank. As a member you are part of a community that encourages good money management, active saving and responsible borrowing.
We know that from time to time people may struggle with money because of the demands of everyday life. Loss of your job, unexpected expenses or other circumstances can sometimes overwhelm you and cause worry and stress about how you can keep up with payments. Sometimes we know that it is a short term problem and you just need a little time to get back on your feet.
Talk to us
Here at Acorn Community Bank we value our members and are here to help so we dislike taking any kind of action with regard to people who cannot pay their loan. The money you have borrowed comes from the savings pot of other members. We therefore have a responsibility to help you to pay us back.
If you do not repay your loan, your credit rating may be affected and you will find it harder to get credit. Not only does it add more costs to your debt but can affect you for years into the future when you apply for credit, mobile phone contracts, car finance, opening some bank accounts or even passing pre-tenancy checks when you want to move house.
If you are having difficulty paying your loan, always talk to us in the first instance. We will try to work with you to find a solution. Call us on 0303 030 0147 or write to us at firstname.lastname@example.org.
You may benefit from some independent advice on your circumstances. There are a number of advice and support agencies available and the following all offer free, impartial advice on a range on issues:
- StepChange Debt Charity – 0800 138 111 (freephone) – www.stepchange.org
- Citizens Advice – 03444 111 444 – www.citizensadvice.org.uk
- Civil Legal Advice- 0345 345 4345 – www.gov.uk/civil-legal-advice
- National Debtline – 0808 808 4000 (Freephone) – www.nationaldebtline.org
- Advice UK – 0300 777 0107 – www.adviceuk.org.uk
- Christians Against Poverty – 0800 328 0006 (Freephone) – www.capuk.org
- Money Helper from The Money Advice Service – 0800 138 7777 – www.moneyadviceservice.org.uk/en
- Debt Advice Foundation – 0800 043 4050 – http://www.debtadvicefoundation.org/
If we do not hear from you
If necessary, we will use debt recovery, including applying to DWP to recover funds from your benefits or county court action to recover the debt.