The Council of Mortgage Lenders (CML), Citizens Advice Bureau and Shelter have issued a survival guide to borrower’s facing financial problems.
The ten point guide has been designed to help struggling households get through the tough times, and includes the tip to talk to free, independent debt advisers. It also highlights the money advice outfits such as Citizens Advice, Shelter, National Debtline, and the Consumer Credit Counselling Service provide.
No matter the size of your financial problems there are steps you can take to tackle them, and the CML, Citizens Advice and Shelter have worked together to come up with ten tips to help struggling households get through the tough times.
Other tips include planning ahead for higher repayments if you are coming to the end of a fixed-rate mortgage, not to panic if you face possession proceedings and to be wary of sale and rent back schemes.
Michael Coogan, director general of the CML, said: “The first step for anyone struggling to pay their mortgage is to contact their lender and get advice. There are a range of options your lender can consider to help reduce or reschedule your payments for a period of time while you get back on your feet.
“Lenders will treat you fairly and use repossession only as a last resort. If you take positive action to contact your lender, pay what you can, and show up to court and make your case, you are more likely to reach an agreement your lender that allows you to stay in your home. But you cannot just walk away and assume you are no longer responsible for the mortgage.”
The Guide can be found at
http://www.cml.org.uk/cml/media/press/1841
