'Prioritise debts to avoid repossession'
'Prioritise debts to avoid repossession'
Monday 16th February 2009
According to the Times, seeking debt advice and working out a financial plan should be one of the first steps for property owners who are struggling to meet their mortgage payments.
The newspaper explains that formulating a plan with the help of a professional debt adviser can often help borrowers to make alternative arrangements with their lender.
Crucially, the payment of debts should be prioritised to reflect the severity of the situation.
"The most important thing is to stay in your home, so your mortgage repayments should be paid before other unsecured debt, including personal loans or credit cards," the Times states.
According to recent figures from the Financial Services Authority, 13,161 properties were repossessed in the third quarter of 2008, representing an increase of 92 per cent on the corresponding period in 2007.
News article brought to you by SimpleIVA – UK IVA specialists.
Related News
Getting into credit card debt 'all too easy' - 13/02/09
British consumers have been warned not to become complacent with their credit cards, as this often leads to serious debt problems
British consumers have been warned not to become complacent with their credit cards, as this often leads to serious debt problems
Homeowners facing negative equity risk - 11/02/09
The property market slump is putting an increasing number of UK homeowners at risk of negative equity, with many likely to face debt problems if they attempt to sell their house
The property market slump is putting an increasing number of UK homeowners at risk of negative equity, with many likely to face debt problems if they attempt to sell their house
Banks use new system to identify indebted customers - 10/02/09
Borrowers could find it more difficult to access credit from banks due to a new system which gives lenders an "early warning" of the likelihood of future debts
Borrowers could find it more difficult to access credit from banks due to a new system which gives lenders an "early warning" of the likelihood of future debts
Figures reveal record bankruptcy levels - 06/02/09
The latest figures from the Insolvency Service show that a record number of people in England and Wales were declared bankrupt in the final quarter of 2008
The latest figures from the Insolvency Service show that a record number of people in England and Wales were declared bankrupt in the final quarter of 2008
More homeowners turning to IVAs, says report - 05/02/09
A growing number of British homeowners are using IVAs to address their debt problems, according to a new report from Grant Thornton
A growing number of British homeowners are using IVAs to address their debt problems, according to a new report from Grant Thornton
News Article Search
Quick Apply
News Archive