Payplan sets up mortgage arrears helpline
Share
The firm has set up the helpline in a bid to tackle the wider debt problems faced by those in arrears.
It welcomes the government focus on attitudes to repossessions as well as the best practice lender guide from the Council of Mortgage Lenders.
But Payplan also argues that some of the recommended strategies such as payment holidays may simply be postponing further arrears.
John Fairhurst, managing director of Payplan, says borrowers who approach the firm for advice on mortgage arrears also owe an average of £42,500 to unsecured creditors.
He says: “Sadly many borrowers fear that telling their mortgage lender about other debts will put their house at greater risk.
"The reality is that acknowledging these debts and putting in place an appropriate strategy for dealing with them nearly always solves the mortgage payment problem.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
