The last few years have seen an increase in the amount of people struggling with debt, with many finding that they are unable to meet their mortgage repayments each month, leaving them accruing mortgage arrears. There are many reasons that people fall behind and accrue mortgage arrears. Job losses and decreased income due to illness are often the main culprits, which is a cause of great worry for struggling homeowners.
The advice would always be to make sure you pay your priority debts, such as your mortgage or any loans secured on your home as failure to do so can result in repossession of your home.
If you find yourself struggling with mortgage arrears, the best advice would be to contact your mortgage lender and alert them of the situation. This will reassure the lender that you are putting plans in place to deal with the problem. More often than not they have methods in place that can help to relieve the situation and help to bring you back in control and start repaying your mortgage arrears. Most lenders will expect you to repay the arrears within three years at the latest.
If you have other problem debt on top of your mortgage arrears, the advice is not to panic but to address the situation as soon as possible. There are many solutions to help you manage your debt and repay your mortgage arrears. We at DFH can help you to determine the best solution for your circumstances and help you regain control of your finances.
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