Mortgage arrears

If you are having difficulty in paying your mortgage, it is important that you assess whether your problems are likely to be -

Short term for example

if you have lost your job, but will be getting a new job soon

Long term for example

if you have developed a chronic illness
You have split up with your partner and they are no longer contributing towards the mortgage

IT IS IMPORTANT YOU TAKE ACTION IMMEDIATELY…

Sometimes we can bury our head in the sand and hope that everything will work itself out, however it is important to realise that ignoring your payments can end up with you

Owing a larger debt that makes your mortgage payments harder to manage
May be charged penalty fees for any missed payments
Have your home repossessed
Become Homeless

GEMAP advisors are here to help you try find a solution. YOU ARE NOT ALONE!

GEMAP can help you tackle the problem by

Going through your options with you
Help you find a realistic and affordable solution
Help you negotiate with your lender
Increase your income with possible Benefit entitlement
Help reduce your outgoings by assisting you with cancellation of any subscriptions you may pay e.g. TV, Gym memberships switching your fuel to a cheaper provider etc.

There are options that a GEMAP advisor can help you with to try help you retain your home in the event that your situation escalates these can include:

Your Lender cannot automatically repossess your home, they must follow certain repossession procedures

GEMAP can also take steps to help you when any court proceedings have started by making you an URGENT appointment with Govan Law Centre to speak independently to a lawyer

I would like to discuss this with a GEMAP advisor

Repossession

The important points to remember are:

If you do not keep up to date with your mortgage repayment, your lender can repossess your home
If you are having problem paying your mortgage, DON’T IGNORE IT!
If you have a secure loan against your home the lender you borrowed the money from can repossess your home if you do not keep up with the repayments