You must take the appropriate remedy in dealing with your mortgage or rent arrears, especially when you are behind your payments. Failure to pay your arrears on rent or mortgage can result in devastating situations that could result in losing your home.
Moreover, you must also maintain communication with your landlord or lender about your financial circumstances. This way, they will be able to discuss possible options or alternatives that can help you. They might decide in spreading the arrears over a duration of time for you to keep up with the payments.
We can also assist in determining how much you can afford to pay towards any arrears by setting an actual budget together. You can also use our debt advice tool to find out answers on managing with rent or mortgage arrears.
In this post, we’ll review the options that you have and what to do if you’re striving to pay your mortgage and rent, as well as on how you can prevent eviction and repossession.
Financial Help For Mortgage and Rent Arrears due to COVID-19 Pandemic
Several measures are considered to assist individuals who are coping with the effects of COVID-19 or Coronavirus Pandemic to their finances. These include payment breaks on mortgage and payment holidays for some unsecured debts and moratorium extension for residents in Scotland.
You may also read our guide: Financial Help Available During Coronavirus Pandemic and Payments for Car Loans and Finance During Coronavirus Outbreak.
Available Debt Help and Support
If you are devastated in dealing with your debts, we can assist you through our online debt advice tool. Should you wish to speak via phone, call us on 0800 193 1024. Our debt experts will guide on how you can deal with your debts in a more realistic and convenient way.