Mortgage Restructure Advisor Needed

Lovely One

Hiya Folks

I am a single self employed person with a huge mortgage. As a result of the recession my wages have decreased. I would like to make contact with a good mortgage advisor or financial advisor to see how I could talk to the bank with a view to decreasing my monthly mortgage repayments.

I would also like to find out more about the Mortgage Interest Supplement to see if I am entitled to get any help from this for a while until things improve.

Would anybody please know of a good and proactive advisor ( someone who “knows the ropes” ) who could assess my situation prior to contacting the bank and CWO myself and who could talk to the bank on my behalf to see what can be done if needs be.

Many thanks folks for your kind help and shared experience, it is much appreciated.

phormium

MABS, won't deal with business debt but I presume your mortgage is a personal debt.

Lovely One

Thank you for your reply

Yes Phormium my mortgage is personal, it is in my name

Kennie1

In my experiance very few MA/FA would be much help to you. There are debt advisors out there which charges a percentage of your loan repayments so it's not in their interest to get too good of deal for you (they are of course some genuine ones out there but I have yet to here of any). I would stay well clear of these firms as IMO they are a shower of gangsters taking advantage of peoples misfortune and cannot really get a better deal than you would have gotten yourself and as a result you have taken on another debt therefore made things even harder for yourself!!!

Step 1

You need to do is write to your bank and tell them that you are in financial trouble and that you are seeking an appointment with MABS and that you are going to send them an Income to Expenditure Statement next month with an interm proposal on how to manage your repayments until your meeting with MABS, you do not need to write an essay just a simple note will do! When you put the pen down pick up the phone straight away and ring for an appointment with MABS (it may take a couple of months to get an appointment but you can get letter confirming that you have contacted them)Remember you are not alone and it is nothing to be ashamed of nowadays, there are now over 50,000 in mortgage arrears. Then go down to the local post box and post that letter! Thats the first step. Wasn't that easy!

When you have done that post back here and we will go through step 2

Do this tomorrow and do not put it off another day, it will only take you 10 minutes or so.

Because your S/E you would not qualify for Mortgage Interest Supplement

greenman09

Arrange an appt with ur bank . They have staff who will assist you if you are having difficulty paying or need any kind if assistance. In these times there are loads seeking this help. It can be any branch if where you hold your mtg.