However, there are many reports that recent measures are working – or not yet working to be more optimistic.
There are some basic bits of advice which most organizations offer:
* Keep in contact with your bank or building society, and keep them informed. Keep a record of meetings, emails, correspondence, statements, meetings. Always try and confirm back to your bank or building society any promises or concessions they make to you.
* Pay what you can. If you cannot afford to pay the monthly mortgage, keep paying something, and try not a to miss a payment. A monthly part-payment is better than intermittent payment. It is better if you take information you have about your financial position (payslips, redundancy information) to the bank and meet with them to discus the situation. Offers that you make to part pay monthly for a period, should be in writing, and keep copies.
* If you receive a letter from lawyers write to the lawyers AND the bank to explain what you can do.
* If you are finding it difficult to arrive at some kind of satisfactory agreement, then contact your Citizens Advice Bureau, local government financial advice office, or financial counseling service. There are many other local organisations and schemes that may be able to help….
1. Support for Mortgage Interest may help you with your mortgage interest payments to enable you to stay in your home if you’ve been on certain benefits for 13 weeks or more, or if you are on the lowest income and have limited savings. This help has been extended to increase the maximum amount of capital borrowed on which we will meet the interest payments.
Visit http://www.direct.gov.uk for more information.
2. The Mortgage Rescue Scheme is designed to help you stop your home being repossessed if this would mean that you became homeless and entitled to support from your local council. If you are likely to be able to get your situation back on track, then a housing association may buy a share in your home. This would cut your monthly repayments. If you are in more serious difficulties, a housing association may buy your home and you will then be able to stay there as a tenant.
Contact your local council housing department or local Citizens Advice Bureau http://www.citizensadvice.org.uk |
