Get debt advice early if mortgage repayments are a strain

22/09/2009

Homeowners having problems meeting their mortgage repayments should get in touch with their lender and get some professional debt advice as soon as they can. That's according to the Building Societies Association.

This is important to avoid the risk of repossession according to BSA Head of Mortgage Policy Paul Broadhead.

The expert says there is help if you get it early and the figures are on your side – repossessions are falling. They’ve dropped by nine per cent in the second quarter of 2009 according to BSA research.

Asking for debt help is the first step to taking control of your finances. EuroDebt offer various options to help get you out of debt, such as Debt Management Plan'>Debt Management Plans and IVAs. Company director, Kevin Still, says around 1 in 5 of the clients they see have mortgage or rent arrears alongside their unsecured debts.

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