What to do if you fall behind on your mortgage repayments

If you cannot meet your mortgage repayments or you are worried you might fall behind with your repayments, contact your mortgage lender as soon as possible to let them know what difficulties you are experiencing.

Mortgage lenders are keen to help their customers work through any payment difficulties they are facing and may offer you a range of short-term remedies to see you through a difficult time.

The options you may be offered could reduce your payments for a set period; charge you interest only for a period to reduce your payments, offer you a payment holiday, or offer you a temporary payment plan with reduced payments. More long-term remedies offered could be; term extension or debt warehousing.

If you feel you have exhausted all avenues with your mortgage lender and/ or you have more than one creditor, you may wish to seek the advice of Money Advice and Budgeting Services or a Personal Insolvency Practitioner (PIP).

A PIP can legally formulate and negotiate an affordable arrangement in order to return you to solvency. These arrangements are called a Debt Settlement Arrangement (DSA) or a Personal Insolvency Arrangement (PIA)  they enable you to; clear arrears, stop court actions and get unsustainable debt written off whilst protecting your family home from repossession.

Grant Thornton Debt Solutions is one of the largest long standing personal insolvency providers in Ireland we have a wealth of experience in all areas of personal debt. Please contact us today for free and confidential advice.