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Mortgage repayment problems

Submitted by Mortgage Broker on Tue, 2006-08-01 13:46.

Unforeseen circumstances can put you in a situation where your expenditure exceeds your income. In fact, this is a common problem but the key is how you respond. Here are some tips on managing your debt and solving your problems.

1) Face facts. Acknowledging the problem is the first step. Don’t let bills go unopened or keep mortgage providers uninformed because your problems will only get worse. The mortgage codes actually states that lenders must be sympathetic to any financial problems experienced by their customers.

2) Stop overspending. Work on budget and cut out ANY unnecessary expenditure. Making sacrifices will pay off in the long run.

3) Prioritise your debt. Your mortgage should be top of the list because failure to pay can see the lender repossessing your home with a court order. But remember also that non-payment of Council Tax can result in a court summons and, in the worst case scenario, a prison sentence. With other debts, prioritise those with the highest interest rates.

4) If you can’t realistically cover your current repayments, try negotiating new terms with your mortgage provider and work out a plan that you will be able to stick to. But pay as much as you possibly can because the more you pay, the more the debt is reduced.

5) Seek professional help. You’re already on the right track by visiting this site and here you can find a wealth of invaluable financial advice. But you can also use a free independent adviser to help people in your position.

6) Don’t rush into any agreement with a debt manager. Think very carefully before taking out a debt consolidation loan. Don’t be pressured into signing anything you’re not sure of and don’t agree to anything before working out the long-term cost. Always ask your bank – they might be able to provide a better deal.

Useful Contacts

The Debt Counsellors
http://www.debtcounsellors.co.uk/
0800 018 6081

uBorro - Pawnbrokers 

Financial Services Authority
http://www.fsa.gov.uk

Financial Ombudsman
http://www.financial-ombudsman.org.uk

Office of Fair Trading: 08457 224499

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