Dealing with debts

DO

WHY?

Take action before you get into arrears, or as quickly as possible.

Look at your last mortgage account statement for indicators of getting into arrears- these very quickly can mount up to £1,000's. Costs increase as repossession gets closer

Also, if you need a new deal on your mortgage you may need a lump sum and lenders are less likely to help if you are already in arrears

Re-negotiate with your lender.

To get a more affordable deal.

Good lenders will try to help you. Your financial statement and value of property are key things to discuss.

Lenders are required to consider help options before going to court.

Always keep a written record of when and what you requested and what the outcome was.

Get advice and assistance.

See the web links on this page. Also note that Gosport Council has special arrangements with Gosport Citizens Advice Bureau for fast, in-depth advice and assistance.

Know how much your property is worth

In most case all you need is to look at local estate agents details of similar properties in the area.

It helps if your home is worth more than the debts secured against it.

Complete a financial statement.

These set out your income and spend. It's important to do this properly. This Council has self-help packs that you can request, or go to Gosport CAB who can also help you complete the form.

Visit a Money Advisor, i.e., Citizens Advice Bureau.

To tackle your debt issues as this may lead to mortgage arrears and the risk of repossession.

Consider all options.

There are a number of Government schemes now available that may suit your needs and help you to remain in you home. Visit the Government web links on this page for further advise.

Maximise your income.

You may not be getting all the benefits you are entitled to. Contact Gosport Jobcentre Plus or visit the web links on this page for additional information.

Consider renting out a spare room.

This may be another option that you might not have thought about that would increase your income.