The Coronavirus is affecting all of our lives and we understand that you may be worried about the impact it may have on you and your finances. Whatever disruption we face, we want to reassure you that the team at United Trust Bank is committed to supporting you through this difficult time.
 
We have created these Frequently Asked Questions which we hope will assist you in finding much of the important information you need right now and also how United Trust Bank can help you through financial difficulties.
 
Most of our staff are now working from home and this is putting additional pressure on our telephone services making call waiting times longer than usual. This is frustrating for those who need to speak to us urgently about imminent financial problems. If you cannot find the answer to your particular question in these FAQs, but your query isn’t urgent, please use the Contact form here to get in touch and a member of the team will get back to you as soon as we can.

Asset Finance

Are your offices open as normal?

We have implemented plans which are enabling us to continue serving our customers. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels so please bear with us if it takes us a little longer than usual to answer a call or respond to a message or email.

 

Can I talk to someone on the phone?

At present we are operating with a reduced number of staff and this is affecting how quickly we are able to deal with customer queries. In order that we can deal with your query as quickly as possible please email us at [email protected].

 

What assistance is United Trust Bank able to offer me at this time?

We are considering requests for a payment holiday of up to three months for all customers impacted by the Covid-19 outbreak. In this situation we will not apply any fees, however interest will continue to accrue on you loan for the period of the payment holiday.

 

What is a payment holiday?

A payment holiday is a variation to your agreement with us. A payment holiday enables you to defer your payments for a set period of time. In the current circumstances this will be up to three months. This option may be appropriate where there is a temporary reduction in your income. It’s important to note that you will still owe these missed payments. Therefore, at the end of your payment holiday, your loan term will be extended for the period of the payment holiday and you will be provided with a revised monthly payment. This will be calculated using the revised balance to enable your agreement to be repaid by the end of the revised term.

 

Will I be charged additional interest during the payment holiday?

The interest will accrue on the balance outstanding at the rate of the agreement during the payment holiday. At the end of the payment holiday your remaining payments will increase to reflect the interest accrued during the payment holiday.

 

Will all customers receive an automatic payment holiday?

You will need to contact us to apply for a payment holiday.

 

How do I apply?

Please email us using [email protected] It would be helpful to include the following information:

Full customer name

Home / Business address

Account number

Details of how Covid-19 has affected your business and how you wish your contract to be rescheduled

Any relevant supporting information

 

What if I need longer than 3 months?

Initially we are considering extensions of a maximum of 3 months. Should a further payment holiday be required we will review your circumstances at that time.

 

Should I cancel my Direct Debit?

No. To save time we will use your existing Direct Debit to collect any revised payments.

Please be assured that we are making every effort to support people in financial difficulty.


Bridging Finance

Are your offices open as normal?

We have implemented plans which are enabling us to continue serving our customers. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels so please bear with us if it takes us a little longer than usual to answer a call or respond to a message or email.

 

Can I talk to someone on the phone?

At present we are operating with a reduced number of staff and this is affecting how quickly we are able to deal with customer queries. In order that we can deal with the most urgent queries first we are asking all customers to email us at [email protected]. We will then prioritise those customers in the most urgent need of our help. We thank you for your cooperation and understanding in helping us to best serve all our customers during this time.

 

What is a payment holiday and am I eligible for one on my bridging loan?

A payment holiday enables you to defer a monthly mortgage or other finance repayment for a set period of time. With your bridging loan you do not make monthly payments, therefore the Government announcement regarding payment holidays does not apply to your loan.

 

What assistance is United Trust Bank able to offer me at this time?

We can offer assistance to customers who have loans expiring in the next 3 months (before 1 July 2020) and whose circumstances are affected by the Covid-19 outbreak. We are able to extend your loan repayment date by a period of up to 3 months. In this situation we will not apply any fees, however interest will continue to accrue on your loan as it would with a payment holiday.

If you have specific conditions due on your loan these can also be extended for up to 3 months.

 

Will I be eligible for an extension to my loan?

If your plans for repayment of your bridging loan are affected by the Covid-19 outbreak, you will be eligible.

 

Will all customers receive an automatic three-month extension?

You will need to contact us to apply for an extension prior to the expiry of your loan.

 

How do I apply?

Please email us using [email protected]. It would be helpful to include the following information:

Full name

Home /Business address

Bridging Loan account number

Details of how Covid-19 has affected your circumstances and your plans to repay the loan at the end of the extension

 

What if I need longer than 3 months?

We can review extensions for a longer period subject to your circumstances and our normal criteria. Further extensions may incur an extension fee. Please contact us using [email protected] to discuss.

Please be assured that we are making every effort to support people in financial difficulty.


Deposits

Can I still manage my account/s as normal?

We have implemented plans which are enabling us to continue serving our customers and enabling them to deposit and withdraw money and manage their accounts. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels. For example, you may have to wait longer than usual to talk to a customer service adviser so please bear with us.

 

What can I do online?

At the moment, the best way to give us an instruction is digitally. Please use our contact form here or send an email to [email protected]. In some cases, we may need to call you on a telephone number you have previously registered with us in order to confirm your identity and instructions. We will confirm by email once we have completed your request.

 

Can I still withdraw my money if I want it?

If you are reaching the end of a fixed term on your savings account we will deal with it in exactly the same way as we always would within the terms of your account. We will contact you leading up to the fixed term expiring and ask you what you would like us to do with your maturing funds. Notice account holders can place notice to withdraw funds as normal and the money will be repaid following the account’s notice period.

 

Can I withdraw my funds early, before the end of my fixed term?

In normal circumstances you would not be able to withdraw your money from a fixed term savings account before the end of the fixed term. If you are experiencing financial difficulty and need to access your savings early, please email us on [email protected] or use our contact form here and someone will be in touch with you to discuss what we can do to help you.

 

What would happen if lots of your customers wanted to withdraw their money at the same time? Would you be able to pay it out?

United Trust Bank is a strong, well capitalised bank, which has always maintained a high level of liquidity and as a regulated bank we follow strict rules on having money available to pay out to our depositors. A vast majority of our customers have deposited their savings with us for fixed terms to take advantage of competitive interest rates and therefore withdrawals are prohibited in normal circumstances.

 

Is my money safe with United Trust Bank?

Yes. United Trust Bank is well capitalised with a high level of liquidity and we adhere to strict rules and regulations designed to protect our customers. In addition, our savings customers benefit from a government guarantee protecting their savings up to £85,000 each through the Financial Services Compensation Scheme (FSCS).

 

Are you still accepting new deposits?

Yes, we are accepting new deposits funded by electronic transfer. Information about our current range of deposit accounts, including ISAs and Fixed Term accounts can be found here.

 

Are you accepting applications for 2020/2021 ISAs?

Yes, customers are able to open a fixed term ISA to use their annual ISA allowance. We would prefer new deposits to be made by electronic transfer.

 

Are your opening hours the same as usual?

Yes, the measures we have put in place are enabling us to maintain our usual office hours. They are:

Monday to Friday 8:30am – 5:30pm.

Saturday and Sunday – Closed

 

How can I contact you if I have a query about my money?

During this period the best way to get in touch is via the contact form here and one of our team will respond as soon as possible. Most of our staff are now working remotely or working in shifts to adhere to the Government’s latest instructions and reduce the time they have to spend away from their homes. Unfortunately, this is putting additional pressure on our telephone services and this is frustrating for those who need to speak to us urgently about imminent financial difficulties. Although every call and customer is important to us, we are asking for your cooperation in enabling us to first help those customers who need it most urgently.

If your query is urgent and you would prefer to speak to one of our customer service team or leave us a voicemail, you can call us on 020 7190 5599. Please bear with us if it takes longer to answer your call than normal.


Development Finance

Are your offices open as normal?

We have implemented plans which are enabling us to continue serving our customers. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels so please bear with us if it takes us a little longer than usual to answer a call or respond to a message or email.

 

Are you still lending?

Yes. We are keen to consider your development finance proposals and discuss future projects. We continue to support UK house builders and developers.

 

What are you doing to ensure that my case can complete on time / that if I place a case with UTB you will still be able to meet my requirements?

The Coronavirus is creating exceptional operating conditions for most businesses and we have implemented measures to ensure that we can maintain our services whilst having fewer staff in the office and most people working from home.

Our investment in technology has increased our capability to manage in unusual circumstances. Our team is able to work remotely with full access to client account information. They are picking up emails as normal and are available on their usual landline or mobile number. So far, our contingency plans are working well. Proposals are being considered and processed, credit decisions are being made and we are making payments when promised.

 

Are you still offering quick credit decisions?

Yes. Our credit committee continues to meet regularly with some participants dialling in via either voice or video conference facilities when they are not in the office. As such we continue to give dependable credit decisions.

 

Are completions / monthly pay outs still being made on time?

We’re doing everything we can to ensure these remain unaffected. Where third parties are involved, such as our solicitors and surveyors, we’re working closely with them to ensure we continue delivering an efficient service. If you have any specific concerns, please contact your relationship manager.

 

What support can you offer me if my current project is impacted by the consequences of the Coronavirus?

We understand that many businesses are facing financial and logistical difficulties at the moment. If you think your project will be adversely affected by the Covid-19 outbreak, please discuss it with us. We may be able to offer solutions to help you overcome short term financial problems or challenges caused by delays to your project.

 

What should I do if my facility is due to expire in the next three months and I don’t think I will be able to repay the loan on time?

If you are expecting to encounter any difficulties as a result of the Covid-19 outbreak, please contact your relationship manager as soon as possible so that we can start discussing suitable solutions.


Mortgages

Are your offices open as normal?

We have implemented plans which are enabling us to continue serving our customers. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels so please bear with us if it takes us a little longer than usual to answer a call or respond to a message or email.

 

Can I talk to someone on the phone?

At present we are operating with a reduced number of staff and this is affecting how quickly we are able to deal with customer queries. In order that we can deal with the most urgent queries first we are asking all customers to email us at [email protected]. We will then prioritise those customers in the most urgent need of our help. We thank you for your cooperation and understanding in helping us to best serve all our customers during this time.

 

What can I do if I can’t pay my next mortgage repayment?

We understand that many people are facing financial difficulty as result of the Covid-19 outbreak. If you are experiencing a change in your financial circumstances which is making it difficult to maintain your usual payments, we may be able to agree a range of options including a payment holiday.  Please email us at [email protected] to discuss your circumstances.

 

What is a payment holiday?

A payment holiday enables you to defer your monthly mortgage payments for a set period of time, in the current circumstances this will be up to three months. This option may be appropriate where there is a temporary reduction in your household income.

It’s important to note that you will still owe these missed payments and the interest on your mortgage will continue to accrue during the payment holiday period. At the end of the payment holiday we will discuss your circumstances so we can agree a manageable way for you to recommence your monthly repayments and to consider how you will repay the deferred payments and the interest incurred.

 

How do ‘payment holidays’ work?

The mortgage repayment is deferred for a set period. We temporarily set the monthly payment due to zero and interest accrues as normal for the period.  Please let us know if you have a permanent reduction in income, or you are unable to afford the full mortgage repayments and there is little prospect of an improvement in your situation in the foreseeable future.

Where repayments are deferred for a period, you will need to make up these repayments in the future. This could be over the remaining term of the mortgage by increasing your future monthly repayments, or by extending the mortgage term.

 

Will I be eligible for a payment holiday?

Yes, you will be eligible for a payment holiday if you are affected by the Covid-19 outbreak.

 

Will all customers receive an automatic three-month payment holiday?

No. A payment holiday is a short-term solution to a temporary reduction in income and you will need to email us at [email protected] if you are in this situation and wish to defer your repayments in this way.

 

How do I apply for a payment holiday?

If you are affected by the Covid-19 outbreak you can request a payment holiday by emailing us at [email protected]

 

Please include the following information:

Full name

Address

Mortgage Account number

 

If your account is currently in arrears, please call us on 0330 0535715.

 

If I take a payment holiday what will happen to my credit profile?

If you choose to take advantage of a payment holiday, we will not report the non-payment to Credit Bureaus during the deferred period.

 

What happens if I am already in arrears?

If you are concerned about the impact Covid-19 will have on your income you should contact us as soon as possible. We will review any changes to your circumstances to ensure that your payments remain affordable and sustainable. We will make every effort to support people already in financial difficulty.


Motor Finance

Are your offices open as normal?

We have implemented plans which are enabling us to continue serving our customers. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels.


Are my payments due as normal?

Yes, unless you have contacted us to discuss an arrangement your existing repayment schedule applies. If you usually pay by direct debit or scheduled card payment and we have not confirmed an alternative with you your payment will be deducted from your bank account on its next due date. We encourage you to contact us at least seven days before the due date if you think you may have difficulty paying.


Can I talk to someone on the phone?

At present we are operating with a reduced number of staff and this is affecting how quickly we are able to deal with customer queries. In order that we can deal with the most urgent queries first we are asking all customers to email us initially on [email protected] or use our web contact form which can be found here. We will then prioritise those customers in the most urgent need of our help. Our office hours are Monday to Friday 9.00 – 17.00. We thank you for your cooperation and understanding in helping us to best serve all our customers during this time.


What can I do if I can’t pay my next payment?

We understand that many people are facing temporary financial difficulties as a result of the Covid-19 outbreak. If you are experiencing, or reasonably expect to experience, temporary payment difficulties we may be able to offer you a range of options including a payment holiday, based on an understanding of your individual circumstances. Please email us on [email protected] and we will contact you to discuss your circumstances.


Should I cancel my direct debit?

If you are unable to pay your next payment please contact us to discuss how we may be able to help you on [email protected] .  It is not usually necessary to cancel your direct debit instruction, however we are unable to make amendments to payments due within the next 3 working days.


What is a payment holiday?

A payment holiday is a concession to your agreement with us. A payment holiday enables you to defer your payments for a set period of time, in the current circumstances this will be up to three months. This option may be appropriate where there is a loss or temporary reduction in your income due to circumstances arising out of COVID-19. It’s important to note that you will still owe these missed payments and therefore unless you make overpayment during the remaining term of the loan, your loan will not be repaid within the original term.

In order to comply with FCA guidance, in offering you the option of a payment holiday we confirm that, other than in respect to the term of your agreement which will now be longer, all other original terms of your agreement are unchanged.

When considering whether a payment holiday suits your circumstances you should note that by deferring payments due under our agreement it will take longer before you own the vehicle. You may wish to consider the impact this will have on any optional insurance or warranties that you have purchased from other providers. Note it is a requirement of your finance agreement that your car is fully and comprehensively insured and in a roadworthy condition at all times.


Will having a payment holiday or missing payments affect my credit file?

Your credit file will not be impacted by taking a payment holiday due to the Covid-19 outbreak.


Will I be charged interest during the payment holiday?

You will not be charged any interest during the payment holiday period.


Will I be charged for a late payment?

You will not be charged any late payment charges during this period of disruption caused by the Covid-19 outbreak.


How many payment holidays am I entitled to?

Where customers are experiencing genuine financial difficulty, we will devise appropriate payment plans which, depending on the individual circumstances, may include a payment holiday. Customers whose income is largely unaffected by the Covid-19 outbreak and who can afford to continue their motor finance repayments should do so.


Can I pause my motor finance agreement whilst I am unable to use my car due to social distancing?

Your finance agreement with us continues as normal even if you are unable to use your car. However, if you are experiencing temporary financial difficulty as a result of the Government’s directives to close many businesses and enforce social distancing, please contact us on [email protected] to discuss your circumstances.


What if I can’t afford to pay my car insurance premium?

It is a requirement of your finance agreement that your car is fully and comprehensively insured at all times. If you are experiencing difficulty in paying your premium, please contact your insurer to discuss other ways you may be able to pay or options for reducing your premium whilst maintaining the level of cover we require you to have.


What if my car needs a service or MOT? 

Your agreement with us requires you to maintain the vehicle in good condition. The Government has granted a six month extension to any MOTs due after the 30th March 2020. You should follow the latest government guidelines, ensure your car remains roadworthy and contact your vehicle manufacturer or dealer with regards to servicing and repairs.


What if I am already behind with my payments?

We have procedures in place to support any customer impacted by COVID-19. We will review individual circumstances and work with you to find an appropriate solution.


Where can I get further help and advice?

Click here for details of organisations which offer free, confidential and impartial debt advice.


Structured Finance

Are your offices open as normal?

We have implemented plans which are enabling us to continue serving our customers. However, following the Government’s most recent directive, we are operating with reduced staff in the office and this is impacting our service levels so please bear with us if it takes us a little longer than usual to answer a call or respond to a message or email.

 

Are you still lending?

Yes. We are keen to consider your lending proposals and discuss future opportunities for property acquisition, refinance, value-add propositions and portfolio refinance secured by residential or commercial property.

 

What are you doing to ensure that my case can complete on time / that if I place a case with UTB you will still be able to meet my requirements?

The Coronavirus is creating exceptional operating conditions for most businesses and we have implemented measures to ensure that we can maintain our services whilst having fewer staff in the office and most people working from home.

Our investment in technology has increased our capability to manage in unusual circumstances. Our team is able to work remotely with full access to client account information. They are picking up emails as normal and are available on their usual landline or mobile number. So far, our contingency plans are working well. Proposals are being considered and processed, credit decisions are being made and we are making payments when promised.

 

Are you still offering quick credit decisions?

Yes. Our credit committee continues to meet regularly with some participants dialling in via either voice or video conference facilities when they are not in the office. As such we continue to give dependable credit decisions.

 

Are completions / monthly pay outs still being made on time?

We’re doing everything we can to ensure these remain unaffected. Where third parties are involved, such as our solicitors and surveyors, we’re working closely with them to ensure we continue delivering an efficient service. If you have any specific concerns, please contact the structured finance team on 0207 190 5555 or e-mail the team using [email protected]

 

What support can you offer me if my existing lending with you is impacted by the consequences of the Coronavirus?

We understand that many businesses are facing financial and logistical difficulties at the moment. If you think your existing loan with us will be adversely affected by the Covid-19 outbreak, please discuss it with us. We may be able to offer solutions to help you overcome short term financial problems. Please email us using [email protected] and one of the team will get back to you.

Please be assured that we are making every effort to support people in financial difficulty.


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