There are many websites out there that promise to help you avoid repossession by – borrowing more money!
If you truly are facing repossesion then borrowing your way out of trouble is the recipe for disaster.
This is because if you have mortgage arrears or a possession order against your home from your mortgage lender or a second charge loan company, no one is going to lend you money at a lower interest rate than you are currently paying. If they do, it will be for a limited time before massive interest rates kick in.
This means that you will almost certainly lose your home. If not today, then in the coming months as you struggle to make even higher payments.
Most of the loans available to people in your position are on a variable interest rate. The Bank of England rate may go down, but these companies are not linked to the Bank of England interest rate, so you will probably find their rates going only one way – UP!
Any solution to stop repossession of your home MUST also help to get you out of debt, not further into debt.
For repossession solutions and help in reducing your liabilities with credit cards and other unsecured debts contact us via our website Stop Repossession Org UK
Filed under: cash property buyers, citizens advice bureau, debt advice, mortgage approvals, mortgage arrears, repossession, sub prime, sub prime lenders, uk interest rates, uk remortgage | Tagged: credit card debts, debt help, debt management, debt services, interest rates, mortgage loans, second charge
