Government Advice On Arrears & Repossessions

No. 10 Downing Street in 1977

The Government has redeveloped part of its website to include more information for homeowners and renters dealing with arrears and repossessions.

The site is divided into 2 parts, with advice for homeowners and advice for renters, and aims to help those in trouble through all the stages of the threat of losing their home, with info and videos on dealing with court action and the steps you should take.

With an estimated 65,000 houses expected to be repossessed during 2009, the Government is trying to stem the tide of those in mortgage or rent trouble, with rising unemployment expected to increase those in arrears or unable to pay their rent in the coming months.

Last year we posted 7 tips if you think you’re going to have trouble paying your mortgage, along with a link to 10 more tips for avoiding repossession – along with the Government info, these are worth reading through if you think you’re going to struggle affording the roof over your head.

The one key point I’d probably want to highlight from all of this information is to not bury your head in the sand with the problem – as soon as you think you might be in trouble, speak to your lender or landlord to let them know the situation and find out the options available to you. If the situation is allowed to get out of hand then you could find that your options are limited. Believe it or not, lenders and landlords can by sympathetic to your situation, especially if you’ve been a good borrower or tenant in the past.

Creative Commons License photo credit: Serendigity

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