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Debt Solutions

Mortgage Arrears

If you’ve fallen behind with your mortgage payments, the loan company will likely now be pursuing the debt.

It’s important to remember that your mortgage provider, or any company that you deal with in terms of your mortgage, will be regulated by the Financial Conduct Authority. This body was set up to control how financial organisations treat their customers, with a focus on making sure customers are treated fairly.

If you’ve already been provided with a court date or you’re facing repossession get debt help immediately.

At this point, your mortgage provider won’t be interested in why you’ve fallen behind on your payments, they’ll only be interested in finding a way to recover their money. However, this doesn’t always mean they’re looking to repossess your home.

In fact, if seizing your house has more risk of them losing money than giving you time and space to find a way to pay back the debts does, they’ll be keen to avoid this if they can.

What do I do if I find myself with mortgage arrears?

  • Communicate – keep the loan company up to date on your situation and make sure they know that you’re working to find a way to bring your payments up-to-date
  • Listen – They (the loan company) may wish to discuss a payment plan that will help you pay your mortgage arrears in smaller payments
  • Budget – The reality is that you’ll need to pay back the payments you’ve missed one way or another. If cutting outgoings can help you do this quicker, then you should think about doing so
  • Prioritise – We understand that you may have other debts, such as credit cards. But your home is at risk if you don’t keep up mortgage repayments, so remember to prioritise the most serious debts first.

What you should not do:

  • Ignore phone calls and letters – Being chased for mortgage payments is stressful but ignoring the problem won’t make it go away.
  • Lie or mislead – Be as honest as you can with your mortgage provider. You won’t be the first person they’ll have dealt with who is struggling with their payments, so there’s no need to hide anything.
  • Borrow more money – Taking on extra credit to help with a more pressing debt, is not a good idea, especially one with a high interest rate or from a company with a bad reputation.

There are always other options available. Contact the Creditfix team today to discuss how we may be able to help you with your mortgage arrears. Our highly trained advisors are here to provide free, impartial advice.

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