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Debt help FAQs

I am struggling to pay the mortgage and am worried I am going to lose the house.

You should contact your mortgage lender immediately and explain your circumstances and ask them to “assess your means”. They will then decide if you are eligible for either a payment break or reduce payments for a certain length of time.

I have a hearing in two weeks where I am likely to lose my house. The house is worth about £80,000 but the mortgage is for £95,000 – will I have to pay the shortfall?

If the re-possession is granted and your house sold at auction you will be expected to repay the shortfall that is generated, this would become an unsecured debt and you would make an arrangement directly with the lender to repay this at an amount both parties are happy with.

What happens if I don't respond to the reminder notices?

If you do not respond to the reminder notices by contacting your lender and arranging a repayment plan for your arrears, it is likely they will continue writing to you and eventually look to take further action against you through the County Courts in order to recover the debt.

I have applied for a personal loan and been refused – will this affect my credit rating?

Each application you make is registered on your credit file. Lenders can view this when establishing whether or not you are suitable to lend money to. They will then compare you against their own criteria before deciding whether or not to accept your application.

I have a £3000 Welcome loan and £4000 Northern Rock loan and owe some money on my credit cards. Is there a personal loan which could consolidate all these debts which could save me money?

There are Debt Consolidation Loans available, however, many feel this is going back to “square one” in order to repay existing credit with new credit, therefore many people look at alternative options such as IVAs and Debt Management.

I have a personal loan of £8000 which I have not paid off and so they are taking me to court. I am a homeowner, although this is an unsecured debt is there anyway they could make me sell the house?

There is an option for your creditor to secure the debt against your property, should you then default of the payment amount set by the Court they could enforce this charge by way of making you sell the property.

I am now in debt by £23,000, I have been thinking about doing an IVA but I am worried if this will affect my partner’s credit rating. At present he does not know anything about my debts.

Your partner will need to know if you do an IVA as we will need information from him/her regarding your joint income, however your IVA will not affect his/her credit rating.

I have been advised to do an IVA but I am worried that my employer, my work colleagues and friends will find out if I do one and I will feel ashamed.

An IVA is a confidential arrangement between yourself and your creditors that we would facilitate. Nobody else would need to be aware of this, however the IVA would appear on the Individual Insolvency Register but someone would have to search on your name to find this.

I am about to start the IVA process but am really worried that I will have to sell my car and that will make my life impossible.

As long as your car is essential for you to earn a living or run your household and as long as it’s not excessively valuable you will not be asked to sell it.

I am thinking about doing an IVA but am worried that it will prevent me from getting any credit in the future.

If you are thinking of doing an IVA your credit rating will probably already be poor. Your credit rating will be affected during the IVA and for a further one year after the IVA had been completed.

Knowing that DFH had helped 1,000’s of other people, made me realise I wasn’t alone.

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