Even though there are assistance programs for those with council house mortgages, it appears as though many are still having trouble making their payments and keeping current on all of their bills. This is a huge problem for council house mortgage holders that are on a fixed budget and dealing with higher rates and a higher cost of living.
“Creditors are not obliged to stick to the agreement and can increase their demands should they wish, which just perpetuates the problem. A DMP can also last for years, putting the chance of making a fresh start that much further out of reach,” says Terry Balfour of IVA.
“We are also being told by our callers that they are loathe to jump one way or the other until the economy settles down. Making the decision to take on an IVA or go bankrupt is a major one and they would rather battle on until they can’t hold out any longer.
“There’s been a lot of talk about the credit crunch over the past year but I would say it’s only now that the effects are really hitting their target and ordinary people are taking the blows,” Balfour added.
Tags: adverse, credit, loan, mortgage, self, cert, council, car, home, improvement, holiday, remortgage, tracker, fixed, rate, mortgages credit, holiday, loan, tracker, mortgages, self, fixed, improvement, home, car
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