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Debt Management – How to Hold onto your Home

Debt management strategies are urgently needed as more homeowners fear they could lose their homes.

Headlines in regional papers across the UK demonstrate how fear and panic is beginning to kick in. Debt help lines and debt advice is desperately needed. Existing help from community services such as the Citizen Advice Bureau is being over-stretched; many CABs are calling for volunteers and extending their opening hours to cope. Debt management is a serious concern for homeowners due to a number of economic factors, including:

• Many mainstream banks have hiked up their mortgage rates to safeguard their profits to weather the worsening credit crunch
• Job redundancies have been reported across the financial sector in the City as financial institutions are hit by the economic downturn
• Falling property prices are leaving some homeowners in negative equity, without successful debt management strategies, they are increasingly vulnerable to repossession
• The increased mortgage costs are causing mayhem for thousands of homeowners already juggling credit card debts, overdrafts and loans

Debt management – What should you do?

If you’re struggling to juggle debt, and are worried your home could be at risk of repossession, you need to seek out debt advice and consider a debt management solution: fast.

• Make your debt management solution a priority in your life, don’t ignore the problem – it won’t go away!
• Prioritise your mortgage debt or any debt secured against your home and keep payments going even if you are in arrears. If you find this difficult, seek out professional debt help to guide you through a debt management strategy.
• A debt management advisor will contact your lender and creditors on your behalf – the quicker you seek help the more chance you have of avoiding court or repossession orders.
• A debt management advisor will negotiate on your behalf and investigate debt solutions such as setting up an IVA to help you find a financial resolution.

It’s a cliché, but don’t bury your head in the sand. The trauma of facing repossession can be difficult, but being paralysed with fear will only make matters worse. A professional debt management specialist can help.

Speak to Kensington Finance for debt consolidation and debt management solutions.

Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It’s our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.