It's been shown that two our of five people in trouble with paying there mortgage or secured loan do not look for advice. This means that they do not understand their right and in come situations can have their home repossessed when action could have been taken to prevent this.

Rule number one, if you can't pay your mortgage you need to contact them and inform them that you are having difficulties. Make sure that you have a signed letter send vie recorded deliver that explains your situation. Most people are afraid of informing their lender in fear that this will trigger alarm and start a repossession order. This will not happen. Remember, your lender wants you to pay the money back, if you don't they could be set to loose money in a serious way. This is especially true with the resend down turn in property valuation.

Do not let your mortgage advisor bog you down with jargon. Force them to explain every process, every fee and every condition, after all it's their job and them have a duty to help their clients who have arrears.

Options, under some conditions you might be able to consolidate some of your existing debt into a secured loan. This is only possible if you have equity in your house and have more than 3 creditors. This means that your month repayments will reduce even though you are borrowing more money. Remember, you are borrowing more money over a greater term! This means you will be paying back more than you originally borrow. however the redemption fees for paying back your secured loan is one months interest. For the savvy you will already realise that you could pay back your secured loan early and save yourself a small fortune.

Debt Management might be able to assist you as they will contact your creditors and tell them how much you can afford to pay them. If they agree to the new amount you are then out of trouble. NOTE, this is only a short term solution until you have solved the underlings affordability issues. However this is a great solution for 1 to 2 years to help you find your financial feet.

For more advice or to talk to an qualified underwriter please call 01204 277511