Debt Relief Orders (DROs) A recent announcement. I recently found out that from the 6th April 2024, anyone applying for a Debt Relief Order (DRO) will no longer have to pay the £90 administration fee attached to it. A Debt Relief Order is essentially a tool for people who are unable to pay off their […]
Debt Relief Orders (DROs) A recent announcement. Read More »
If you’re behind on your mortgage payments, what are your lenders expectations? Unfortunately, many homeowners are currently falling behind with their mortgage payments, leaving them full of worry and loss of focus on the things that matter. One of the focus points often missed is the expectations of the lender, which if understood correctly and
If you’re behind on your mortgage payments, what are your lenders expectations? Read More »
The win-win of home refurbishment Joint Ventures If you are facing repossession, the future can seem bleak. Mortgage arrears can spiral out of control, leading to the loss of your home, not to mention the damage to your credit rating. However, there are creative solutions out there and one that not only halts repossession but
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Ever wondered how the banks value your house before the repossess? Mortgage arrears always bring stressful and uncertain times. Lenders undertake valuations as part of the repossession process, not only to understand the current value of the property but also to gauge the potential recovery amount if the property must be sold. This valuation is
Ever wondered how the banks value your house before the repossess? Read More »
If the UK mortgage rate is going down, is it good news for homeowners in arrears? Today, in the UK property market, the interest rates of mortgages, magnifies the economic wellbeing of its participants, particularly homeowners struggling with mortgage arrears. A downtrend in interest rates, while generally seen as good news for many, carries fine
If the UK mortgage rate is going down, is it good news for homeowners in arrears? Read More »
Debt Consolidation – What is it?? The realities of financial management, particularly mortgage arrears can lead to significant stress but there is a financial strategy that can offer a positive outcome – Debt Consolidation. Debt consolidation is a process that involves combining multiple debts into a single, more manageable loan. This strategy can be particularly
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How do credit reporting agencies in the UK work? For many, credit reporting is a somewhat mysterious process. It’s a critical document affecting numerous aspects of your financial life, from securing a mortgage to applying to rent a home. In the UK, credit reporting is managed by three main agencies: Experian, Equifax, and TransUnion. These
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Why silence with your lender is not Golden. In the complex relationship between lenders and borrowers, communication plays an important role. For homeowners facing the stress of mortgage arrears, the instinct to retreat into silence can be understandable yet counterproductive. When lenders stop receiving payments, they start a series of steps designed to engage the
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Can your credit score bounce back following a home repossession? Home repossession can feel like a financial and emotional low point in your life, but it’s important to remember that it’s also a point from which you can rebuild. For many, a key part of the rebuilding process is improving your credit score. In the
Can your credit score bounce back following a home repossession? Read More »
What are mortgage arrears and what impact can they have? Mortgage arrears are when a homeowner fails to make their mortgage payments on time, falling behind on their agreed-upon payment schedule. This can happen for various reasons like unexpected life events, financial setbacks, or changes in income. It’s a situation that many find themselves in,
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