There are many people that fall behind with repayments on their mortgages. This is ok if you can catch up the next month. The problem gets worse if you miss more than one payment and you are unable to
catch up.

It is as if every month there is a new emergency and you cannot pay your arrears the next month. This is a sure sign that you are over in debt. Your budget is so tight that if there is one emergency, it seems that yo u are never able to catch up.

The bank will be very willing to listen to you if yo u approach the bank in time. That is before you miss your first payment to bank. The bank is more willing to listen and help you if you approach before you miss a payment.

The bank will not be happy with you when you miss a payment, because you have broken the agreement you made with them when you signed for the debt.

Normally the bank will be able to give you a payment holiday or renegotiate your account when you appro ach them in time. The bank can lower the percentage interest you pay or increasing the period of repayment to lower your monthly instalment.

If the above does not help you, you need to apply for debt counselling immediately before it becomes too late. As soon as the bank takes legal action in the form of a Section 129 letter, you have 10 days to apply for debt counselling. If you have already received a summons, it is too late for this account to be included in debt counselling.

So you will be able to apply for debt counselling, but the house will not be included. You will have to pay your house in full each month and apply for debt counselling for your other accounts.

To lose your house to repossession can be very dramatic, but there are steps yo u can take to prevent the repossession of your house.

Apply for debt counselling as soon as you see problems ahead. Don’t leaf it too late. Sent us a email with a ‘please call me’ and your telephone number. One of our dedicated consultants will contact you to help you and answer all you questions.

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