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Homeowners with debt problems 'should not be embarrassed to tell their lenders'

Homeowners with debt problems 'should not be embarrassed to tell their lenders'

- Monday, 10 January 2011

Consumers struggling to pay off their mortgage have been advised to talk to their lenders who could put a payment plan in place as a debt solution.

That is according to Catherine Hearnden, director at myMortgageDirect.co.uk, who also stated that it is concerning that so many homeowners bury their head in the sand.

She said: "They see all these things about people losing houses and they are frightened of admitting that they can't pay their mortgage.

"A lot of people bury their heads in the sand and think that if they don't say anything then the lender won't notice."

However, if people do not seek debt advice they could risk losing their home.

A recent poll by Shelter found that two million homeowners have used a credit card to pay their mortgage or rent in the last 12 months.

The charity warned that this could leave people at risk of losing their home if they do not seek debt help as soon as possible.
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