Secured Loan, Debt

There are many reasons why you may suddenly find yourself in debt. You may have over estimated your future income on a self cert mortgage and no longer have the disposable income to keep up and have thus fallen into mortgage arrears. You may have taken out a secured loan but, due to unforeseen circumstances can not make this month’s payment. You may have many outstanding debts and just do not know where to make a start in paying them off.

Bad credit will result if you fall behind on any debts. This will affect your chances of getting approved for secured loans and self cert mortgages in the future. Your mortgage arrears will haunt you until your bad credit rating is repaid. The best way out of this repercussive situation is a simple matter of discussing it with your lender, working out what you can pay and paying your debts off regularly.

It is very important to make that contact with the lender and explain the situation. It would be best if you could present them with a plan on how you envisage getting out of your present quandary. Show them that you have deliberated on how to pay back your mortgage arrears and make yourself credit worthy again.

Without a sure attempt at repairing your bad credit rating you will find it almost impossible to get a secured loan or get the finance for a self cert mortgage. They may stick to your agreement with them to the letter and could in the end repossess your house. However lenders tend to prefer to let you keep your home if they know that you are serious about paying them back all that you owe them.

They may let you take longer to pay off your mortgage which will thus lower the monthly payments. They may let you take a ‘payment holiday’ but this is usually negotiated when the contract is first drawn up. They may let you pay more in the following months, if they know your financial predicament is short term. Keep the lender informed and you may find a solution.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

SOLVING YOUR MORTGAGE PROBLEM SIMPLY

ABBEY FINANCE

0845-4567-847

Just click here to fill out our simple on line Mortgage Enquiry Form, it will only take a few moments.

enquiries@abbeyfinance.biz

Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE