35,000 Face Losing their Homes
Some rather scary statistics recently revealed by Shelter, the housing and homeless charity, says that 35,000 people face losing their homes before Christmas due to the ongoing financial crisis. With many people facing redundancy or cut backs at work, meeting increasing rent and mortgage payments is becoming more difficult. But is bankruptcy the only option?
Thankfully, when it comes to getting help with debt, there are several debt management options, which offer much needed support to those struggling with high monthly interest payments. Firstly, getting some good advice from the experts will help you see a way out of debt and manage payments on an on-going basis.
Bankruptcy is often seen as the only option when it comes to controlling debt problems and for many it is a good choice. There are, of course, both advantages and disadvantages to declaring bankruptcy so it helps to get some good advice before going ahead. Bankruptcy can last for about a year and in most cases the majority of your debts will be cleared. Bankruptcy can be a great way to make a completely fresh start with your finances; however, if you are looking to keep your house it may not be the best choice.
Declaring bankruptcy will generally mean losing your house, as your assets will be sold to repay your debt and it will very often affect your employment options as many professional careers won\’t be available to you if you\’re bankrupt. You will also find it harder to obtain credit in the future as your bankruptcy will label you as a risk to any future lenders.
If losing your home isn\’t an option, then it helps to talk to the experts about other ways to help with debt. Falling behind with rent or mortgage payments is easily done, but if you\’re struggling to meet your financial commitments each month, it is likely your landlord or lender will express some concerns.
Should you find yourself in this situation, try to face your debt problems realistically, working out what you owe and how you can repay those arrears as soon as possible. Most mortgage lenders don\’t want to see you lose your house and will be happy to work on a repayment plan with you to recover the loss. They will appreciate you addressing the problem and can often agree on payment options that you can cope with.
Of course, working out a schedule for repaying mortgage arrears isn\’t the only option, so again it may be beneficial to talk to experts in the field who can explain more about dealing with negative equity, re-mortgaging to consolidate debt or even tell you more about the Homeowners Mortgage Support Scheme.
Being in debt doesn\’t have to be scary or frustrating. In fact, there are many options open to you to help you get back on your feet, from IVA\’s, consolidation loans and debt management plans. Being realistic about your monthly outgoings and asking for help will get you the support you need to get out of debt.
Learn more about debt consolidation. Stop by Jonathan Kinsella\’s site where you can find out all about debt consolidation loans andhow they can help you.
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