Debt Management

Sometimes further borrowing is not the answer, particularly when that borrowing will be secured against your property. Mortgage of Choice strongly advocate applying a truly realistic affordability check before committing to secured borrowing.
If finances are approaching breaking point you have to be sure that borrowing more money will overcome the problem, particularly if the bulk of net income then goes on servicing debt. Ask yourself: “Will I really be able to cover all financial commitments month in, month out - and live besides”?

The Office of Fair Trading provides an in depth budget planner leaflet which can be printed off via the following link:

http://www.connexions.gov.uk/partnerships/documents/Budget_Leaflet.pdf *

A core principle of Treating Customers Fairly is ‘Offer the customer the best product you can’. There may be occasions when Mortgage of Choice feels the customer is best served by a Debt Management Programme or Individual Voluntary Arrangement (IVA). Should a customer wish to explore this course of action we can refer them to a reputable and ethical company who offer a well established expertise in this field.

If facing financial difficulties always communicate with your creditors straight away and keep records of any correspondence. It may be possible to negotiate different payment terms as opposed to taking out further borrowing to get through a difficult patch. Consider seeking guidance from a body such as the Citizens Advice Bureau.* Your nearest office can be found via their link: "Find your local CAB." 

* You are now departing from the regulatory site of Mortgage of Choice. Neither Mortgage of Choice or Home of Choice Ltd is responsible for the accuracy of information within the linked site.

Think carefully before securing other debts against your home.