Shelter, the Council of Mortgage Lenders (CML) and Citizens Advice have joined forces to offer a survival guide for managing mortgage debt.
Debt management begins with seeking advice. Professionals can give debt help but speaking to your lender and family can also improve the situations.
Those in debt are also encouraged to “not bury your head in the sand” or to ignore letters or phone calls from lenders. Literally walking away from debt problems by abandoning your property is warned against, as debt may catch up with you years down the line.
People threatened with court action are also urged not to panic as repossession does not always follow proceedings.
Director general of CML, Michael Coogan, said: “There are a range of options your lender can consider to help reduce or reschedule your payments for a period of time while you get back on your feet.”
Such options may include a debt consolidation loan or a debt management plan.
By Morwenna Kearns