Being faced with debt problems can be a scary prospect and with so many other debts, people often wonder how their most important debt, their mortgage, will get paid, a debt management plan can help. As a secured debt, a mortgage cannot be included in a debt management plan, however that doesn’t mean a debt management plan cannot help you with being able to afford your mortgage payments each month, it can. A debt management plan will reduce your monthly unsecured debt repayments to suit your financial circumstances.
Your monthly income and essential expenditure including your mortgage repayments will be taken into account and you will only pay what you can afford towards your unsecured debts. By making reduced monthly payments towards your unsecured debts you will have more money each month to pay your priority secured debts including your mortgage.
A debt management plan will ensure your most important debt, your mortgage, gets paid each month and you don’t lose your house.
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