MORTGAGE CONCERNS FUEL CALLS TO DEBT HELPLINE

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Worried Homeowners Call Debt Helpline

Turbulence in the mortgage market has prompted an increase in calls to Payplan’s debt advice helpline. Debt counsellors are speaking to people whose mortgage payments have gone up and can no longer cope with this bill, in addition to their other monthly commitments.

A survey of new callers to Payplan’s debt helpline, a free debt solutions service, showed that more than 50 per cent of people had noticed an increase in their mortgage payment. Of these people, 35 per cent admitted that concerns about their mortgage had prompted their call to Payplan’s debt helpline.

John Fairhurst, managing director, said:

“We are speaking to a lot of people who are deeply worried about their ability to stay afloat and keep up with all their outgoings. The current turbulence in the mortgage market means it is a worrying enough time for prime customers - so for those people with bad credit histories, it is even more troubling.”

Payplan’s Special Repossession Advice Team (0800 917 7819)

Payplan’s Special Repossession Advice Team (0800 917 7819) gives advice to people who are facing repossession orders. This team includes mortgage advisers, who are on hand to give expert support to people in distress.

Mr Fairhurst went on:

“Our team speaks daily to people with mortgage arrears and many of these individuals and families are scared that they will lose their homes. Our team is able to ease the worries of callers and advise them of their rights. We will do everything in our power to ensure they keep their home.”

Last month, statistics from the people Payplan helped, showed that mortgage payments accounted for an average of 40 per cent of net income. A survey of new callers to Payplan’s debt helpline found that a third of people have paid priority bills, such as mortgage payments or utilities, using a credit card.

Rising mortgage costs means that the money left over at the end of the month to pay unsecured debt is reducing. It is important that people look at their secured and unsecured borrowings together and Payplan is the only debt solutions service that can do this in house.

Payplan’s Special Advice Team is also helping people in debt management plans who are coming to the end of two-year fixed rate mortgage deals. Mortgage advisers from the team can access the whole of the market, and are working hard to find the best deal so that debtors can continue to keep up repayments to creditors.

Information for Editors

Payplan provides free, ethical and immediate debt help to over 100,000 people every year, working closely with organisations in the field of money advice and consumer and employee welfare.

Press office contact - For more information please contact the Payplan press office on 01476 541980, 07812 736861, or email Jayne Newton.

Contact Payplan

Freephone 0800 917 7819 six days a week to speak with an experienced debt adviser from our Special Advice Team. Lines are open 8am to 9pm Monday to Friday and 9am to 3pm on Saturdays. Or visit the Payplan website to submit your house repossession problem online.