Hardship

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The FSA definition of hardship is when a person has 'insufficient to cover reasonable living expenses and meet financial commitments as they become due'
The new guidelines state;
In making an assessment of financial difficulty the firm will take into account:

1) evidence of changes in lifestyle, including loss of employment;
disability; serious illness; imprisonment; relationship breakdown; death of a partner; starting a lower pad job; parental/carer leave; and starting full time education.

2) Items repeatedly being returned unpaid due to lack of available funds

3)failing to make loan repayments or other commitments

4)discontinuation of regular credits;

5)notification of some form of insolvency or court proceedings;

6)regular requests for increased borrowing or repeated rescheduling of debts;

7) making frequent cash withdrawals on a credit card at a non promotional rate of interest;

8)repeatedly exceeding a credit card or overdraft limit without agreement (and, in regard , where a complainant has incurred over £500 in unauthorised overdraft charges in the previous 12 months, that is to be treated as indicative of financial difficulty.

If any of the above applies to you it may be worth giving your bank a call.

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Numbers for NatWest Hardship team

0845-301-2783
Fax 0141-2491 -451