Charlie Weston: Act fast to avoid being trapped by your debts Irish Independent

10.11.09

IT is a situation you have little control over, so the last thing you should do if you are having difficulty repaying your mortgage is to blame yourself. Nor should you assume the situation is hopeless.

There are a range of options you can take if you have suffered an income shock, such as losing a job, and are struggling to meet your home-loan repayments.

First, take action immediately. People often panic and are frozen by indecision.

A far better course of action is to speak to your mortgage lender the instant you realise you will not meet that month's repayments.

Tell them you can't pay your mortgage and set out what you are doing. Just because you cannot pay the full monthly amount does not mean you should not pay the bank or building society some of the money due each month.

Outline how much you can afford to repay each week or month -- you will need to work out a practical budget to do this.

If your lender contacts you by letter or phone, do not ignore this. This may make the situation worse, the Financial Regulator advises. The statutory Code of Conduct on Mortgage Arrears requires all lenders to treat all situations where a borrower misses a payment as quickly and effectively as they can in the circumstances.

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