Debt Advice to Help Avoid Repossession

At the time of writing, repossessions have been in the news on a daily basis with the number expected to rise in 2009 and the Government looking at ways to prevent them getting out of control as redundancies sweep across the country.

Many people don’t seek debt advice soon enough and this can lead to huge problems further down the line when they eventually do look for help.
 
There are many pieces of debt advice that could help you keep your home and make sure you don’t become another repossession statistic;

• Make your mortgage a priority – This may sound an obvious piece of debt advice but it can be difficult to stick to if you’re constantly getting phone calls from your unsecured creditors regarding the money you owe them. If you can’t afford all your monthly repayments, then prioritise paying your mortgage if nothing else.
• Responsible approach to repossession – At the time of writing the Government are working on their Homeowners Support Mortgage Scheme which will help people who have lost their jobs to stay in their home by deferring interest payments on their mortgage by up to two years. The purpose of the scheme is to encourage a more responsible approach to repossession by the major mortgage lenders in the UK. 
• Reducing your monthly payments - If you get professional debt advice you may be able to reduce your payments on things like credit cards and store cards at least as a temporary measure and you’ll get to keep the roof over your head. 
• Take the initiative – If you want to avoid your debts spiraling out of control and having to seek debt advice when things get too much then being up front with your mortgage company when you’re having problems is the best policy. They may agree to a temporary reduction in payments or a short payment break which will allow you some breathing space to get back on a sound financial footing.
  

Repossession is undoubtedly a frightening prospect and unfortunately many people leave it too late to turn to reliable debt advice and end up losing their homes.

If you’re concerned about being able to make your mortgage payments and other bills every month then take action now before repossession becomes a reality.

If you would like more information, ring Debtsolver now on 08000 434 336 (Free for UK residents only) or complete our debt wizard to see if you qualify