Homeowners seeking help with debt problems
The figures suggest that many homeowners have taken on mortgages they cannot afford to repay.
The DAC have said that some homeowners can only currently afford their mortgage payments as a result of low interest rates and added that people may begin to struggle when the Bank of England eventually increases its base rate. A recent poll has also suggested that around 20% of those in the UK have no savings whatsoever and around a third has less than £500 to their name. Add to this the increased cost of living and many people may find themselves not knowing which way to turn to effectively manage their financial affairs. In these circumstances we would always recommend being proactive by seeking professional advice early on to give yourself the best chance of protecting your home and limiting your exposure to the increased risks of recovery proceedings being levied against you.