Prioritising debts could prevent mortgage arrears slip


People can help to prevent a fall into mortgage arrears be prioritising their debts, it has been suggested.
Catherine Hearnden, director at MyMortgageDirect, noted an increasing number of individuals may be sliding into financial trouble of this type as a result of unemployment.
For those with jobs, Ms Hearnden observed overtime opportunities may have dried up and bonuses been cancelled.
In addition, people are also having to contend with an escalating cost of living.
Ms Hearnden recommended homeowners prioritise their essential and non-essential debts, explaining mortgage arrears is one aspect they should look to sort out first.
She noted those having trouble of this kind should inform the people they owe money to as soon as they are aware they can no longer pay the cash back.
“If you tell them and make an arrangement, you don’t get classed as being in arrears. In some cases it will happen, but in other cases it is not necessary,” the expert added.
Ms Hearnden said her company always urges its existing clients to sort out their financial problems before they escalate and reach arrears levels.

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