At Hanley Economic we understand that a change in circumstances can put additional strain on your finances and can be difficult to manage on your own.
If you’re feeling concerned or anxious about your mortgage payments the best thing to do is act now and talk to us.
Don’t ignore the problem or wait until you have missed payments.
Failing to make your mortgage payments can affect your ability to obtain further borrowing or credit in the future and can even put your house at risk.
We have a range of options to support our members.
- The quicker you speak to us about your concerns, the sooner we can help.
- Don’t worry, just speaking to us won’t affect your credit score.
WHAT HAPPENS IF I MISS A MORTGAGE PAYMENT
If you have missed your mortgage payments and have payments overdue by 2 or more months, you are officially in arrears. We share this information with credit referencing agencies.
PRIORITISE YOUR DEBTS
You need to work out what are your priority debts and deal with these first. These debts are more important because the consequences of not paying them can be more serious.
Priority debts are:
- Your mortgage or rent
- Gas and Electricity bills
- Council Tax
- Court fines
- TV licence
- Child maintenance
HOW WE CAN HELP
STEP 1 – Complete a budget planner – It’s a good idea to work out a monthly budget. This gives you and us a clear picture of where your money comes from and where it goes. You can save time by completing it yourself before calling us or we can complete this with you when you call.
STEP 2 – Get in touch – contact our mortgage services team who can suggest the best outcome for you. The team are available Monday to Friday between 8am and 6pm.
Telephone 01782 255 000 option 2, option 4
STEP 3 – How we’ll help – to find the best solution for you;
- We’ll talk through your situation to find out why you’re having difficulties to understand the duration and impact.
- Review your budget planner to look at your income, expenditure and debts.
- Explore practical solutions that you can afford.
- We will tell you what this means for your credit file.
OTHER PLACES TO GET HELP
If you would like to get some help before you speak to us or you need more specialist support with your finances, there are many types of free and impartial money guidance and debt help available to you, on-line, by telephone and face to face.
You can find help to manage money and debt from the following sources
StepChange Debt Charity – help becoming debt free StepChange Debt Charity – Free Expert Debt Advice.
MoneyHelper (previously The Money Advice Service) – Money, savings and retirement advice Free and impartial help with money, backed by the government | MoneyHelper
Citizens Advice – help with rising bills, legal fees and debt Contact us – Citizens Advice
Money Navigator – MoneyHelper has produced an online tool that can signpost you to other organisations for specialist support. Use our Money Navigator tool | MoneyHelper
Help for Households – The government has created a website that provides guidance to where you can find additional support with your income, mental health and household costs. Help for Households – Get government cost of living support
OTHER USEFUL INFORMATION
- England Illegal Money lending Team – Stop Loan Sharks – Useful information regarding concerns about illegal money lenders