People in Mortgage Trouble Refuse to Seek Help
Nearly half (41%) of people who are facing problems with paying off their mortgage have not sought any kind of financial advice according to the Financial Services Consumer Panel. This is despite seven out of eight of the people who said they were in trouble describing their problems as serious.
Around 65% of people who did seek advice went straight to their Mortgage lender while others went to the Citizens Advice Bureau for help. Opinions of the help received varied from people who said lenders could have done more to help to people who believed that their lenders did everything in their power to sort out the situation. There?s no data on exactly which lenders were the most helpful, unfortunately.
The chairman of the Panel, Adam Phillips, has asked for mortgage lenders to try hard to encourage homeowners to seek advice before the situation spirals out of control. Mr Philips spoke at speech to the Council of Mortgage lenders last week:
?When people get into difficulty with their mortgages, they need constructive help and advice on the best way forward. Mortgage lenders have a duty under the principle of treating customers fairly both to help their customers in arrears and to tell them about independent sources of advice.?
?I am calling on all mortgage lenders to do more to encourage consumers in difficulty to get advice early, before the problem becomes a disaster for both parties.? said Phillips.
If you are one of the many people who are struggling with your mortgage the important thing is not to let it get on top of you, making the situation worse. if you don?t want to talk to your lender right away, considering talking to the National Debtline, Consumer Credit Counselling Service or the Citizens Advice Bureau for independent advice on mortgage debt.