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Mortgage Arrears - how to deal with it

If you are having difficulties with your mortgage it's essential to know the facts and not be frightened by the many myths that are out there. Knowing what to do is all about arming yourself with the most accurate information available.

Facing the prospect of repossession can be frightening, but it’s important to remember that you are not alone. There is a lot of help available from government, from lenders and from advice agencies. The information here will give you the tools you need to prevent your home being repossessed.

Our panel of specialists can quickly advise you on what to do if you have mortgage arrears. Simply call the team on 0800 088 2147.
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

 

If you're struggling to pay, or are already in arrears

Depending on your payment history, your circumstances and whether your difficulties are likely to be long or short term, your lender might agree to:

  • reduce your payments for a set period
  • charge you interest only for a while if you've got a repayment mortgage (usually you pay capital and interest)
  • allow you to pay off the arrears gradually, alongside your usual payments
  • give you a 'payment holiday'
  • extend your mortgage term to reduce your payments
  • add your arrears to your mortgage and pay them back over the term
  • let you stay in your home while you try to sell the property and find somewhere else to live
  • suggest other assistance, such as one of the government schemes to help with mortgage difficulties

If you have other debts on top of your mortgage payment problem, you need to speak to one of our advisers. You may find that your best option is to agree to a reduced payment arrangement for any unsecured debts that you have, such as credit cards or personal loans. This will then free up some of your money to pay more towards your mortgage.

Mortgage arrears help

It's very important that you don't ignore any payment problems.

Mortgages are 'priority debts', which you should pay off first as your lender could go to court to try and repossess your home and sell it to get their money back.

If you have other debts you should seek advice on which are the most important, and how to negotiate with different kinds of lenders.

If you have a mortgage, and have fallen behind with payments or are being threatened with repossession, then you need to get professional advice as soon as possible.

Expert help and advice when you need it most

Our team of specialist debt advisors can assess your financial situation and personal circumstances, and then recommend the best solution available to you to deal with your mortgage arrears. Simply call the team on 0800 088 2147
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

 

Solutions to deal with Mortgage Arrears:
Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  DMP eligibilty test
 
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  IVA eligibility test
 
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  Trust Deed eligibility test
 
© 2014 DebtAdvice-Online.co.uk. 210-222, Hagley Road West, Quinton, Birmingham, West Midlands, B68 0NP
    
 
 


DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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