So you have fallen into arrears with your mortgage payments. Bear in mind that this is not a hanging offence. It is not even a criminal offence. In fact there are certain standards that you can expect your mortgage provider to adhere to as you try to cope with the inevitable stress of the situation. Continue reading
Mortgage Arrears
Falling into arrears with your mortgage payments is stressful. The stress arises from the fear of losing one’s home. The most common root cause of mortgage arrears is inability to pay caused by a reduction in income arising from loss of employment or reduced working hours or reduced pay rates. It can also be caused or aggravated by increases in mortgage interest rates and living costs. In a minority of cases, lifestyle may be a significant factor with addictions such as drink, drugs or gambling resulting in missed or late payments and ultimately mortgage arrears. Continue reading
Improving your credit rating
Who Keeps Credit Scores?
In the UK there are three main Credit Reference Agencies which get their information from lenders with the permission of the borrowers who, when they sign up to a loan agreement, consent to this type of information being disclosed. Of course, if consent is withheld, the lender may not pass on details of the borrower’s agreement. Continue reading
Dealing with Bad Credit
You begin to get a bad credit rating when you fail to repay borrowings in accordance with the agreed terms and conditions. If you don’t make your repayments on full and on time, the price you pay is deterioration of your credit worthiness or to put it another way you acquire a reputation for ‘bad credit’. Continue reading
Questions for your Insolvency Practitioner
The old cliché ‘fail to prepare, prepare to fail’ can be applied to your personal circumstances when you are encountering financial difficulties. You may be considering going to a financial expert to get advice on what your options are in trying to address your problems. The recognized expert in the UK is an Insolvency Practitioner or IP and the equivalent in Ireland is a Personal Insolvency Practitioner or PIP. Continue reading
Baillifs – Your Questions Answered
Can I stop bailiffs visiting my home?
There is only one certain way to stop bailiffs visiting your home and that is to pay the money you owe. You should talk to the person or business to which you owe the money as soon as possible to get advice on how to pay your debt. Continue reading
Worried about losing my home
If you are a homeowner and cannot afford to repay your debts, your property may be at risk. The people who lent money to you will want to get their money back in full and on time. Continue reading
Who will know about my IVA?
It’s only natural to be concerned and worried about who will know our business if we go into an IVA. Continue reading
Debt Solutions in the UK
If you live in England, Wales or Northern Ireland and are trying to deal with your personal debt, it is worth considering the various remedies that may be available to you. Continue reading
IVA Just Accepted – What Can Go Wrong?
Initial Delight
Having your IVA accepted by creditors is usually an occasion of great satisfaction for most debtors. The nervous anticipation in the weeks and days coming up to the Meeting of Creditors gives way to relief and a release of tension for most when they receive that phone call from the office of their insolvency practitioner confirming that their IVA proposal has been accepted. Continue reading