You and your home – where do you stand?
Every person we meet at Personal Debt Support has their own story, and will have their own individual issues with debt. Perhaps the one common factor is that they’re all struggling to cope with stress levels that seem to be constantly on the rise. It’s often not easy to know where to turn next, especially when the threatening letters and demanding phone calls continue to come in.
If you’re a home owner, you may be under the impression that your home is safe, but for many this isn’t the case at all. If you fail to keep up with payments on debts that are secured on the property, for example, there’s a very real chance that the ownership of your home will be under threat.
The major loan secured on the property is likely to be the mortgage, of course, but there could be others as well. We’ve helped many people who have taken out secured loans, for example, and who haven’t managed to keep up with he repayments. Just because you fall a little behind with these payments doesn’t necessarily mean you have to sell your home, however.
Can you keep your home?
Many of the debt solution programmes that are available allow you to retain your property as long as you keep up with the required monthly payments. If you have an Individual Voluntary Agreement (IVA), for example, your home shouldn’t be at risk for the duration of the agreement.
With a bankruptcy, or sequestration in Scotland, if you have a significant amount of equity in your home, you may be forced to make this available to pay off some or all of your debts. If you don’t own your own home, a Debt Relief Order (DRO) could be more suited to your circumstances.
Here at Personal Debt Support, we understand how complex these processes can seem, especially when you’re already focussed on trying to find a way out of your financial problems. We have a friendly, helpful team that offers all the empathy, knowledge and experience you need to see the wood for the trees.
To hear more about the options that could be open to you, call our specialists soon on 0141 380 0578. This could be the most important call you’ll ever make, so we look forward to hearing from you.