I train people in computer skills for some of my week. At the moment I am seeing many , many people who have been made redundant or under threat of redundancy . Many of them are worrying about keeping upo with the payments on their mortgage.

If you own a house you will need to make mortgage payments. If you start to fall behind with these payments you could possibly lose your home. This is what is called repossession – When the mortgage lender tries to take back your house. Once you fall behind with your payments you need to seek some advice as it is very hard to get out of debt once you are in it. We have seen how the threat of repossession is very stressful for you and your family. If it got to the stage of you losing your home you may have to move and uproot your children and experience the embarrassment of the baliffs visiting you and attending court.

What you may not know.

• The Mortgage Lender is really only interested getting their money back as quickly as possible. They are not concerned about your welfare.
• Lenders will often sell properties at Auctions or through an estate agent for knock down prices
• You will be chased for the shortfall or the difference between     what  you owe and what they managed to sell the property for.
• They can chase you for the debt for up to 12 years.

You will be added to a ‘repossession register’ which could mean you cannot get a  mortgage again, or rent  a   property or do anything that relies upon having   a good credit record

Its very frightening situation to be in and best avoided. If you have any doubts about whether you can keep up the payments then perhaps we might be able top help in some way.

 Repossession is not an easy option – it has serious consequences

Please contact us on 01603  292123

or if you prefer email us we might be able to help