Struggling With Your Loans? Get Some Advice!
There are a record number of individuals living in the UK today who are facing financial problems and finding it increasingly difficult to keep up with the monthly repayments on their mortgages, loans and credit cards.
So far this year, repossessions of properties where borrowers have not been able to maintain their home loan payments have increased by 9 per cent from the last three months of 2007 and by an alarming 17 per cent since the start of 2008. With the current problems in the economy and in the housing market specifically, the Council of Mortgage Lenders (CML) predicts that we are likely to see somewhere in the region of 45,000 repossessions throughout the course of 2008, that equates to one out of every three hundred mortgage loans.
With this in mind Transact, the independent legal network which endeavours to promote financial inclusion, have issued a warning to those facing repossession that they must seek some form of legal advice from a suitably qualified person and also have legal representation if they are facing a repossession hearing, as this can make the difference between losing your home or keeping it, when the case is brought to court. The temptation for many individuals with financial problems is simply to ignore them and hope they go away. This is absolutely the worst course of action and it is vital to get help as soon as possible.
The best approach to financial difficulties is of course, to get help as soon as the problems start. Contact the provider of your existing loan or card and let them know that you are struggling with the repayments, they may be able to offer assistance by restructuring the debt, reducing the interest rate payable for a limited period, or switching to an interest only basis until things get better. Other helpful options include debt advice centres, the Citizens Advice Bureau (CAB) and financial advisers, any of which may be able to offer advice to ease your current situation.
