A mortgage as we all know is a type of loan used to purchase your home. Typically secured against your home, the bank or building society financing the purchase will have a clause built into the contract stipulating your home could be at risk if you were to fail to keep up with repayments of the mortgage or ‘loan’ that you had taken out.
Simply translated this means if you fail to make regular payments as agreed, you could lose your home as it could be repossessed by the organisation that financed the mortgage in the first place. Unfortunately, if you have been struggling financially, keeping up with the scheduled mortgage payments could be the first indication you have started to build up a bit of debt, possibly using money earmarked for the mortgage to satisfy other potentially more pressing creditors.
If these issues are not addressed, you could soon find your debt levels begin to spiral uncontrollably, ultimately leading to severe financial hardship and extensive emotional despair. All is not lost however, as, if you recognise the dangerous position you may be falling into and proactively address the issues, many creditors will try and assist you to maintain your payments by finding an agreeable solution for all parties.
First and foremost you will need to identify a solution to catch up on the missed and/or short repayments to pay back the money you may now owe. In order to remedy this type of situation our budgeting planner may prove to be a useful tool as it could help identify a number of options where you may be able to cut your immediate costs, thus helping you to find a resolution.
Once you have identified areas that you could save money, it is easy to see how this money could be quickly and regularly used to off-set any outstanding debts.
However, if you are currently experiencing a shortage of possible options to repay your debts, our experienced debt advisers are on hand to help you identify the best solutions available to you, whilst also being able to actively reduce your debt levels with your creditors through the provision of a personalised debt solution, enabling you to become totally debt free in the fastest and most cost-effective means possible.