A guide to dealing with mortgage arrears

If you have missed payments and built up mortgage arrears on your property then it’s important that you act quickly. Too often too many people take the ostrich approach to financial matters. However, this is too important an issue to ignore as not dealing with mortgage debt could result in your home being repossessed. We at GDP Equity Experts start with a simple program to follow if you are faced with increasing mortgage arrears.

Immediately contact your mortgage lender:

If you find yourself in mortgage arrears then try not wait for your mortgage lender to contact you. It is very important that you talk to them first and as soon as possible. A mortgage lender is duty bound to treat borrowers objectively and consider all requests for a change in a mortgage arrangement. They can take you to court to repossess your home if you can’t agree a way to pay back what you owe. But try not to worry as even then, it’s not too late to try to reach an agreement with them. Remember that mortgage arrears are a priority debt therefore a mortgage arrears issue should be dealt with promptly and before any unsecured credit repayment issue.

Take some time to determine what you can afford:

When faced with mortgage arrears, it is very important to undertake a full financial review of your finances. This is in order to determine what you may be able to pay towards your mortgage arrears each month. Therefore, you need to ensure that you take the time to calculate your total monthly income and outgoings. This will help you work out what is an essential and non-essential expenditure item and whether some budgeting or cut-backs are required. Once an affordable mortgage arrears payment has been determined, you will need to tell your
mortgage provider how much you can afford to pay back and whether this is acceptable to them.

Engage with a firm of regulated debt advisors:

It is very important that as well as speaking to your Mortgage Provider, you also take advice from a team of regulated debt advisors. This will ensure that you can receive free and impartial advice and be helped and talked through your situation and provided with information on where to find solutions to your arrears issue.

What we can do to help?
Over the last 12 months alone, GDP Equity Experts has negotiated debt write-downs or debt restructuring of over £11 million for customers across both the UK and Ireland.

Our proven track record speaks for itself. We are fully regulated by the Financial Conduct Authority and we take pride in our first-class advice and assistance that we offer to our clients.

It is important that you recognise mediation as an alternative to the formal insolvency arrangements, understanding that GDP Equity Experts are best placed to negotiate a settlement on your behalf with all financial institutions.

We will work closely with you from the very start of the process as we know what is expected and how to get you to where you want to go.

If you are in a negative equity trap or mortgage arrears and need assistance please complete the contact form below and we will discuss how we can help

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