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Finance arrears
If you end up with
finance arrears or mortgage as a result of falling behind
with your finance or mortgage repayments, then your lender
may try to repossess your home.
People with finance or
mortgages get into arrears with their mortgage or finance
payments for various reasons. Quite often, finance arrears
are caused by unforeseen circumstances such as sickness or
ill-health, or redundancy. Either of these things can lead
to a loss of earnings which, in turn, causes difficulty in
keeping up with the monthly finance repayments. Even if you
manage to clear the arrears before that happens, you'll have
problems getting new finance or a new mortgage in the future
as and when you move house or want to take out further
finance. |
