Save Your Home From Repossession

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Practical and positive information for homeowners facing repossession / foreclosure.

Overwhelmed by mortgage debt? Credit Problems No Problem is offering you help to save your home from repossession.

You must take action as soon as lenders threaten repossession - talk to your lender immediately, advises Credit Problems No Problem (http://www.creditproblemsnoproblem.co.uk), which provides fast cash online for people with bad credit.

"Be realistic, as soon as you miss a month's payment - talk to your lender. We cannot emphasise this enough," said a spokesman for Credit Problems No Problem (http://www.creditproblemsnoproblem.co.uk).

Credit Problems No Problem - which specialises in 'bad credit' loans online for borrowers with County Court Judgements (CCJs) and defaults - has outlined a free action plan for mortgage debt victims threatened with repossession:

1. Get Everything In Writing
"Without proof in writing, your case will be virtually impossible to prove. Keep copies of everything you send or recceive. Never send out originals.
If your lender breaks a written promise, it is very likely that a judge will find in your favour."

2. Log All Phone Calls
"Write down the time and date, take a first and last name of the person you spoke with and the department they work in.
Follow this up with a letter stating points discussed.
Add a question so they have to write back to confirm details of your conversation. Take a copy of your letter, send it recorded delivery then print off confirmation that they have received it."

3. Convert To An Interest Only Mortgage
"This would greatly reduce your monthly mortgage repayments problems but the downside is that when your mortgage term ends, you still owe the debt as you will have only ever repaid the interest. Use this option for the short term only.
Ask your mortgage lender if interest only payment is an option. Agree it for a term of one or two years then return to a repayment mortgage as soon as possible."

4. 50/50 Interest Only/Repayment Mortgage
"If converting your mortgage to interest only is a problem, ask for only half your mortgage to be interest only"

5. Reduced Payment Plan
"Ask your mortgage lender if they could lower your mortgage payments for a period of time then add the balance to the end of the mortgage"

6. Extend Your Mortgage Term
"Ask your mortgage lender if you could add a further five years to your mortgage term. This will reduce your monthly mortgage repayment costs substantially.
Overpay as soon as you can to bring down the overall term"

7. Ask For A Payment Holiday
Some lenders will allow a break of a month or two from paying the mortgage.
"This could be especially useful for February and March but remember that you will be expected to resume normal repayments when you promise to do so."

8. Sale And Rent Back
"Beware of sale and rent back plans! Do not be tempted, you could still lose your home!
Under these plans, you sell your home to a company - usually for lower than market price - and the company agrees to rent your home back to you.
We strongly advise against this. Your tenancy is only an Assured Shorthold Tenancy so you could still face eviction after six months."

9. Plan Your Budget
"With all the options, you must first plan a budget so you can persuade your mortgage lender that you are serious about paying your debts.
List all your income and outgoings. Be strict, list everything.
Show your mortgage lender how you have spent your money for the past year and forecast what you will spend over the next 12 months.
Calculate it as monthly figure then see what expenses you can cut out"

10. Small Cost Cuts Make A Big Difference
"Getting rid of Sky or cable TV could save you at £30 a month - £360 a year.
Take a 50p packed lunch to work instead of buying sandwiches for £3. It will save you £600 a year. For other How to Save Money Tips visit http://www.creditproblemsnoproblem.co.uk/how_to_save_money.html
Show your lender how you are trimming back and they will be more inclined to help you."

Credit Problems No Problem holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.

Credit Problems No Problem is also registered with the Information Commissioner's Office for Data Protection.

For rapid help, phone 0800 412 5634 or visit http://www.creditproblemsnoproblem.co.uk

Notes For Editors

http://www.creditproblemsnoproblem.co.uk

Credit Problems No Problem Ltd
TBC House
Cavalier Road
Newton Abbot
TQ12 6TZ
United Kingdom
Tel: 0800 412 5634

Credit Problems No Problem was formed in 2003, bringing together a team of specialists that together offers 27 years of expertise to help applicants gain the unsecured loans they need.

From its UK head office in Devon, Credit Problems No Problem operates across Britain, sourcing loans for people with bad credit.

Credit Problems No Problem holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.

Credit Problems No Problem is also registered with the Information Commissioner's Office for Data Protection.

No fuss service - guaranteed.

January 2009

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