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If you are worried about the possibility of losing your home or falling behind on your mortgage payments, then you need to make sure that you tackle the problem before it becomes unmanageable. The last thing you want is for your home to be repossessed, which is why it is vital to prioritise your mortgage payments over other debts you may have. Even if you are unable to find the full amount due each month, it is better to pay something than nothing, so make sure you keep up regular payments, even if they are lower than they should be. The current economic climate means that people are increasingly worried about their jobs, wages and consequently their ability to make mortgage payments. Fluctuating house prices can also make life more difficult, so you need to make sure that you seek debt advice before it is too late if you are concerned about falling into arrears. If you find that your monthly mortgage payments are becoming unmanageable for one reason or another, it is important that you contact your lender to discuss the problem. You may be able to switch to an interest-only mortgage for a certain period of time to help reduce your monthly payments until you get back on your feet. Another option is to ask your lender to extend the terms of your agreement, which means you will be making payments for longer, but they will be lower in the short term. However, it is important to note that not all lenders will agree to this kind of arrangement and your credit rating and previous repayment history are likely to play a role in their decision. Of course, you may need to take more extreme action to get out of debt if your problems have been continuing over a long period of time. This could involve a solution such as an individual voluntary arrangement (IVA), which will see your creditors agree to accept payments amounting to a proportion of the debt you owe over a fixed timeframe. IVAs are not always the best solution though and you may find that setting up a debt management plan is a better way to keep track of your outgoings. In this case, a debt manager will be assigned to take care of your finances and ensure that all your payments are made each month to help you clear your debts and avoid falling further into arrears on your mortgage. If you're looking for a debt advice, Debt Options can be of assistance. Our team have over 11 years' experience of helping people and companies with serious debt problems. Contact us and find out what steps you can take to get out of debt.
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