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What to do when in serious debt

Release equity to pay off debts

Many people are getting into financial difficulties by losing their jobs through redundancy or are unable to work due to long-term sickness.

It is law for an employer to pay most staff statutory sick pay for up to 28 weeks but this is likely to be less than your full income.

Unless you have savings, you will have to rely on State benefits or perhaps take advantage of Mortgage Payment Protection Insurance (MPPI) or Accident, Sickness and Unemployment insurance (ASU).

Ignoring high levels of debt or borrowing more money to pay debt will make matters much worse so speaking to your lender or creditors is very important.

However, with credit so easily available in the past some people have fallen into a debt trap where monthly repayments have become too high.

If you are declared bankrupt or insolvent then you will lose your assets and a black mark will be on your credit file for many years meaning you will be unable to apply for credit in that period.

Can I get out of this mounting debt?

The first step you should take is reducing your monthly outgoings and work out payment plans with your mortgage providor or creditors.

However, if the costs are too high then selling your property to settle debts as quickly as possible before they mount up even more would be a good option. can help you sell your home fast so those debts can be repaid and you rebuild your credit rating. Cash for your home will be in your bank within 28 days giving you peace of mind.

If you would like a confidential chat about your circumstances in confidence, then give us a call any time on 0800 954 5258.

Email or fill out your details here.

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