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Information update: Philips Trust Corporation

Information update

Update: 3 October 2024

We continue to work with Kroll, the administrators of Philips Trust Corporation, on the process which will enable a voluntary offer of financial support to be made to customers affected by Philips Trust Corporation.

As part of the process to enable the payment of the voluntary financial support to the trusts, Kroll made an application to the Court for approval of a revised version of the Distribution Plan. The Court approved the application on 23 September 2024, which means that offers of voluntary support can now be made.

Kroll will begin to issue offers to customers who are eligible to participate and have not opted-out of the process. Details of how to accept the offer are included in the letter.

If you have a question for Kroll, or queries on their letter, contact them at PTC@kroll.com or through the post to PTC Case team, c/o Kroll Advisory Ltd, The Chancery, 58 Spring Gardens, Manchester, M2 1EW. The call centre can be reached on 0161 827 9000 between the hours of 9.00am - 5.00pm, Monday to Friday.

If you have a question for Newcastle Building Society please contact us via this web form.

Update: 2 September 2024

We continue to work with Kroll, the administrators of Philips Trust Corporation, on the process which will enable a voluntary offer of financial support to be made to customers affected by Philips Trust Corporation. As part of the process to enable the payment of the voluntary financial support to the trusts, Kroll has made an application to the Court for approval of a revised version of the Distribution Plan. The court hearing took place on 30 August 2024 to consider the amended Distribution Plan which needs court approval before any offers of voluntary support can be made.  At the hearing a representative of the PTC Action Group requested an adjournment.  The judge granted a short adjournment to 11 September 2024.

In the meantime, Kroll will be sending another important progress update letter to customers who have provided their data to Kroll and that the Society have verified are eligible to participate. The letter will outline key details of the offer of support that will be made to the Trust, once the amended Distribution Plan has been approved.  If you receive the letter confirming you are eligible and wish to receive an offer, you need do nothing further.  If you do not wish to receive an offer of voluntary financial support, details of the opt-out process are included in the letter.

It is important that affected Philips Trust Corporation customers take time to read the letter.

If you have a question for Kroll, or queries on their letter, contact them at PTC@kroll.com or through the post to PTC Case team, c/o Kroll Advisory Ltd, The Chancery, 58 Spring Gardens, Manchester, M2 1EW. The call centre can be reached on 0161 827 9000 between the hours of 9.00am - 5.00pm, Monday to Friday.

If you have a question for Newcastle Building Society please contact us via this web form.

Update: 30 May 2024

We continue to work with Kroll, the administrators of Philips Trust Corporation, on the process which will enable a voluntary offer of financial support to be made to customers affected by Philips Trust Corporation.

Kroll are sending a letter to affected customers with an update on the voluntary support initiative, including action required by affected customers. It is important customers read and act upon this letter as it is necessary to enable the Society to make an offer of voluntary financial support.

If you have a question for Kroll, or queries on their letter, contact them at PTC@kroll.com or through the post to PTC Case team, c/o Kroll Advisory Ltd, The Chancery, 58 Spring Gardens, Manchester, M2 1EW. The call centre can be reached on 0161 827 9000 between the hours of 9.00am - 5.00pm, Monday to Friday.

If you have a question for Newcastle Building Society please contact us via this web form.

Update: 2 May 2024

Read the full announcement: Building Societies to voluntarily offer financial help to their customers affected by the collapse of Philips Trust Corporation 2nd May 2024. (PDF, 100KB)

Newcastle Building Society is very concerned by, and sympathetic to, the difficult situation faced by people who have been affected by Philips Trust Corporation. It has been extremely distressing to hear their stories and the impact of the Philips Trust Corporation’s actions on their lives.

Meaningful financial support for our affected customers

The Society has never had a relationship with, nor at any point referred customers to, Philips Trust and there is no legal or regulatory requirement to offer financial help. However, as a Society we are serious about our commitment to our purpose and supporting the communities we serve.  We believe that providing meaningful, voluntary financial support for our affected customers who are facing such difficult circumstances, is the right thing to do.

This update provides clarity around the proposed voluntary financial support and what will happen next.

What does this mean for affected customers?

We will provide support to affected customers who were initially referred to The Will Writing Company/Estate Planning Group/Family Trust Corporation, and where Philips Trust Corporation subsequently became their trustee of their trust and remained so at the point of administration, or, as at the date of its administration, Philips Trust Corporation held an investment on behalf of their trust and continues to do so. Support will be directed towards

1. Trusts involving investments: re-establishing 100% of each customer’s Philips Trust Corporation investment balance (i.e. each customer’s Accepted Claim as verified by Kroll, the administrators).

Accepted Claims are verified as part of the Distribution Plan approved by the court on 31st March 2023. Offers will be valid for 6 months on a full and final basis. In view of the voluntary support, the Society will look to ensure that any future recoveries from the investments which become available for distribution will be used to reimburse it, up to the amount of the voluntary payment made.

 2. Trusts involving a property: providing up to £2,400 towards the cost of replacing Philips Trust Corporation as trustee and appointing a new trustee.

This is applicable both to customers who have already transferred their trust away from Philips Trust Corporation after the date of the administration and for those customers who have yet to do so. This will be inclusive of any support already provided to customers involving the appointment of new trustees.

 3. The small number of investment-only trusts: providing a financial contribution towards replacing Philips Trust Corporation as trustee and appointing a new trustee, the cost of which is yet to be determined.

Please Note:

The support offered is voluntary, at the discretion of the society and seeks to take account of the unique circumstances of the situation. It is based on the current information available from Kroll.

The voluntary support that is offered may, in some situations, have tax implications for the trust/beneficiaries, and as such is a matter for the trust/beneficiaries. The society cannot give any guidance or advice as each situation is unique. Customers may wish to seek assistance via independent advisers.

The voluntary support does not cover any additional legal or advice costs.

Mortgages

Mortgage payment difficulties

We understand that current events are a growing cause for concern and in some cases, financial difficulty, especially for those with mortgages.

We are your Society. We are here to support you and we encourage you to talk to us if you are worried about your mortgage payments, or your wider finances.

Read more about mortgage payment difficulties.

To talk to us about mortgage payment difficulties, call us on 0345 702 3083.

Lines are open 9am - 6pm Monday to Thursday, and 9am - 5pm on Friday. Calls to 0345 numbers cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile. Calls from landlines and mobiles are included in any bundled minutes or free call packages.  The actual cost you are charged will depend on your landline or mobile provider. Please contact them to get information about the cost of the call. We may monitor and record telephone calls for training and security purposes.

Helping Hand - Citizens Advice Gateshead

With rising living costs, it can be tough to stay in control of your finances. That's why we've partnered with Citizens Advice Gateshead to create Helping Hand - a service dedicated to our members so they can talk to an expert adviser and get support when they need it. 

Find out more about how Helping Hand could support you. 

Mortgage payment options

If you’re worried about how mortgage rates may affect you over the coming months, we can help you look into your options.

We have signed up to the Government’s Mortgage Charter, which means we've introduced even more ways to support you. Here are some options for you to consider.

Savings

Savings FAQs

For more guidance please view our Savings Frequently Asked Questions.

Can't find what you're looking for? 

Give us a call on, 0345 734 4345, we're always happy to help.

Our lines are open Monday to Friday from 8am - 6pm. We're closed on Saturdays, Sundays and bank holidays.

Lifetime ISA FAQs

Find more information and guidance by viewing our Lifetime ISA FAQs

How to fund your account

Have you just opened a savings account with us and are looking to make your first deposit, but unsure on how to do this?

Learn more about funding your account.

Cost of living

Managing your money can be challenging, especially due to the rising cost of living. We're here to help, talk to us if you are worried about your mortgage payment, being able to save for a rainy day, or your wider finances. 

More information on how we can support you through cost of living

Helping Hand - Citizens Advice Gateshead

With rising living costs, it can be tough to stay in control of your finances. That's why we've partnered with Citizens Advice Gateshead to create Helping Hand - a service dedicated to our members so they can talk to an expert adviser and get support when they need it. 

Find out more about how Helping Hand could support you. 

Home Insurance

Existing LV= Home Insurance Customer Information

From 1st April 2024 we no longer provide LV= home insurance services. Read our dedicated page for Existing LV= Customers, detailing information about making a claim, FAQs and key documents. 

Fraud and security

Security and fraud prevention guides

Take a look at our security and fraud prevention guides to learn how you can be more fraud aware and what to do if you think you’ve been a victim of fraud.

Authorised Push Payment (APP) Fraud

Authorised push payment fraud, also known as APP fraud, involves a fraudster tricking their victim into sending money to them by posing as a genuine payee. 

Visit our page, Authorised Push Payment fraud, to learn more about what to do if you think you have been a victim of APP fraud.

Financial abuse

We understand if you think you, or someone you know, are the victim of financial abuse then conversations to address this may be challenging. 

We are committed to helping you spot financial abuse and avoid this from having a negative effect on your life, or the life of someone you know.

Learn more about financial abuse.

Life events

Supporting you through bereavement

We realise that when someone dies it is a very emotional time for all involved and it can often be overwhelming. We’ll do our best to make things as simple as possible for you. We have a page that explains what you will need to know, but please feel free to contact us if you have any further questions.

Read more on how we can support you through bereavement.

Power of Attorney & Court of Protection

Our guide to Power of Attorney & Court of Protection helps to explain the different types of Power of Attorney and how to set them up, what a Court of Protection Deputyship is, as well as covering frequently asked questions on these topics.

We can help make sure that you are supported in managing your financial affairs, when you no longer feel able to.

More information about Power of Attorney

Frequently Asked Questions

Take a look at our most commonly asked questions

Get independent advice

MoneyHelper

MoneyHelper is a government supported service that offers free support for people with money worries. Which includes impartial guidance, and suggestions to further, trusted support if you need it.

PayPlan

PayPlan offers free, private and expert debt advice to help people take back control of their finances. They will also work with your creditors on your behalf. PayPlan’s Budget Smart tool can also help you increase your income and lower your bills.

National Debtline

National Debtline is a charity that provide free debt advice to people across the UK.

Building Societies Association

Building Societies Association provide advice on what to do if you can’t pay your mortgage or if you think you might struggle in the coming months.

Turn2Us

Turn2Us offer a confidential online calculator which you can use to check if you are entitled to any benefits.

Need further mortgage support?

With the rising cost of living, staying in control of your money can be challenging. If you are worried about your mortgage payments or wider finances, we're here to help.

0345 702 3083

We're available from 9am - 6pm Monday to Thursday, and 9am - 5pm Friday.*

Family of three, a Mum, Dad and baby walking with their backs to us in a field.

*Calls to 0345 numbers cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile. Calls from landlines and mobiles are included in any bundled minutes or free call packages.  The actual cost you are charged will depend on your landline or mobile provider. Please contact them to get information about the cost of the call. We may monitor and record telephone calls for training and security purposes.