phoneTwitterFacebook
ear
 
When everyone has a home

Housing advice for Northern Ireland

Debt advice

There are a few key steps you need to take to deal with your debts effectively. A charity that provides debt advice can often help you with this.

Most people have to pay rates on their homes. Land & Property Services is responsible for collecting this money and can take legal action against you if you don't pay. If you're on a low income you may be entitled to housing benefit or rate relief to help you pay the rates on your home.

Getting into difficulties with your mortgage payments is often easier than you think, so the sooner you tackle your financial problems, the better the result may be for you.

Your best shot at saving your home is to get advice and go to your hearing. There will often be a solicitor from Housing Rights at court on the day of your hearing who can represent you in front of the Master.

It's essential that you get help and advice if you're struggling to pay your mortgage. The sooner you start dealing with your mortgage debts, the more options you'll usually have. If you ignore the problem it becomes harder to manage and you could end up losing your home.

If your income isn't stretching far enough and you're worried that you might miss a mortgage payment, don’t wait for your lender to contact you. Let your lender know what’s happening.

If the money from the sale of your home isn't enough to cover your debts, you will still owe the outstanding amount to your lender or mortgage indemnity insurer.

You need to understand your debts in order to deal with them properly. You need to prioritise your debts, figure out what you owe and to whom and work out how much you can afford to pay towards these debts. This means you'll need a good understanding of your financial situation and setting yourself a household budget.

There are practical things that you can if you're having difficulties paying your mortgage. The most important of these is to get advice so you fully understand your options.

Many people can sort out their debt problems by negotiating with creditors and trying to settle debts, often with free help from an advice agency. However, there are more formal ways to solve debt problems but these will have a big impact on your future ability to get a loan, mortgage or any other type of credit.

Pages

Subscribe to RSS - Debt advice Subscribe to Debt advice