Managing your Mortgage

Proposed Mortgage Collections Podcast: 3mins 20s approx

Interviewer:

'So we heard on the previous pod cast from Jan at the Consumer Credit Counselling Service, the UK's leading debt Charity about the services they provide and some fantastic general advice around managing your finances.'

'Today we have Miranda Hunt from the Consumer Credit Counselling Service, welcome Miranda Hunt, we wanted to talk today about specific help around people's mortgage payments. Lets look at a few typically examples our customers may find themselves in and see what steps they can take to help their situation.'

'For example what advice would you give to those who know in advance that they won't be able to make their next monthly mortgage payment?'

Miranda Hunt

'Good question, for those who keep an eye on their finances and do a budget planner you know that you won't have sufficient funds for your next payment. In this instance you should talk to your lender immediately, there are several short term solutions they can look into to help you make ends meet, don't wait for the direct debit to bounce.'

'Once you have a solution in place try and understand what has led to this situation, is it likely to reoccur? Make sure you have completed a budget planner or if you already have one make sure it's up to date, there's one on HSBC's website you can use or one on CCCS.co.uk. You may also find it useful to use text banking where you get alerts when your balance drops below a certain level.'

Interviewer:

'That sounds like great practical advice, what about when payments should be made, is there anything we can learn here?'

Miranda Hunt

'Many people won't give this a thought but it's a really relevant question and whilst it appears insignificant it can really make a big difference to your budgeting and making sure your repayments are made on time. Again phone your lender and ask them to move the date of collection to a few days after your pay day to ensure you never miss a payment'

Interviewer:

'What advice can you give anyone who has already missed a payment or two and are struggling to catch up with the repayments? Is there any help available?'

Miranda Hunt

'Help is always available from your lender, they will be more than happy to assist you through these difficult times, remember not to be afraid or embarrassed to contact them. HSBC in particular have been recognised by the industry for their mortgage products and lending practices. There are several solutions that may be available to you to help get back on track, such as a payment holiday, adding your missed payments to your mortgage balance or reduced monthly payments. The available solution will be particular to your individual circumstances. The key here is to contact them sooner rather than later.'

'CCCS have also set up a personalised advisory service with HSBC - we are available to help those customers who in addition to experiencing financial difficulty on their mortgage, need some further help and advise arranging some of their non HSBC borrowing. After a detailed discussion with HSBC the customer will be referred to discuss their circumstances with one of our trained advisers.'

Interviewer:

'Great advice, if you think that you may be in financial difficulties and would like to speak to HSBC please call on 08457 404 404 or (textphone 18001 08457 125 563) Open from 8am to 10pm every day (except for Christmas Day, Boxing Day and New Year's Day). Calls may be monitored and/or recorded for security and service improvement purposes.'