Dealing With Debt

A Quick Guide on How To Avoid Repossession

Time and time again people contact us that now find themselves in a terrible financial situation. While we will gladly provide assistance, we have noticed that if they had sought professional help earlier, they may have been able to avoid the situation entirely and would not be at the brink of losing their home.

If you find yourself under financial pressure the absolute first thing to do would be to seek professional debt help and get some free advice about your situation. An excellent group to contact for free debt advice is the not-for-profit group Myvesta. At the Myvesta site you can discuss your situation anonymously with an advisor and get advice and assistance instantly.

When you have money troubles, time is not your friend. The longer you wait to act, the fewer good chances you might have to resolve the situation without much pain. If you wait until the last minute to take some action, your options will be severely limited. As an example, in order to avoid repossession, if you act early, you might be able to contact the lender to find out if there are any special internal programmes to rewrite the loan, maybe give you a payment holiday, take time to focus on increasing income, etc.

Facing the repossession of your home is a scary, stressful and frightening experience and what we would love most of all, although we are here to help you when you need us, is for you to be able to avoid even having to think about the possible loss of the roof over your head by repossession.

Another possible option is an IVA. An IVA is an individual voluntary arrangement that may allow you to restructure your debt to give you enough room each month to afford your home payment. You can get a free review to see if an IVA is right for you.

You might also hear about a debt management plan, DMP. This is where one of those credit counselling groups will tell you that you can get one payment for all your bills each month and your creditors will get off your back. The problem is that a DMP is not binding and there is no guarantee that it will give you the long term relief you need to really deal with getting the house sorted so you don’t lose it through repossession.

So the best advice is if you find yourself under financial pressure, get advice early and don’t delay. But if you do find yourself in a situation where you might lose your home due to repossession, contact us as soon as possible.

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