How To Make an Arrears Payment Arrangement With Your Lender

Making an Arrears Payment Arrangement

If you are behind on your mortgage payments you can try to renegotiate with your lender to make an Arrears Payment Arrangement. It can be tempting to think you can afford more each month than is really possible. Try to be realistic with your Arrears Payment Arrangement offer for your arrears.

It’s important to prioritise the overpayments you will make under your Arrears Payment Arrangement to your lender. If you break an Arrears Payment Arrangement (especially if there is a possession order for your home) then you may well lose your home. By contrast, some other bills like credit cards are less important if faced with losing your home. Of course, ideally you should try to pay them both!

If you don’t pay your other creditors they make take you to court but you will not lose your home for non-payment of unsecured debts.

Making an Arrears Payment Arrangement

  • It’s important not to let a lender intimidate you into paying what you cannot afford when making an Arrears Payment Arrangement
  • Tell them you understand the situation and that you will contact them with a repayment proposal.
  • Make sure you put everything agreed to with your Lender for your Arrears Payment Arrangement in writing
  • Try to make an Arrears Payment Arrangement before your lender takes legal action

What Are My Options?

Make an Arrears Payment Arrangement that you can stick to. If you are unsure whether or not you can, maybe it’s time to think about alternatives such as selling your home via an estate agent or selling to a cash buyer in order to pay off your mortgage debts.

You Can Stop Repossession Now

By any of the lenders listed below – Act now – Click Here

How to fill in Form N244