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
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
An IVA is a formal agreement between you and your unsecured creditors to repay a portion of your debt over a limited period of time – usually five years, but it can be for a shorter period.
Secured creditors expect to receive the full contractual repayments on their secured loans to you over the life of the IVA and thereafter. If you have a mortgage, you will be expected to make the monthly mortgage payments to your mortgage provider in full. Continue reading