Over 40 per cent of middle-class professionals fear that they will struggle to pay their mortgages in 2009, according to latest research.
The YouGov survey on the housing market revealed today that more than two out of five (42 per cent) of middle-class professionals were ‘worried’ about not being able to keep up with their mortgage payments next year, compared with 46 per cent of blue collar workers.
15 per cent of the higher earners said they were ‘very worried’ about not being able to meet their repayments, compared with 12 per cent for other social groups. This is possibly because they over-stretched themselves during the property boom and now find themselves in need of some sound debt advice or a debt help plan.
By seeking impartial debt advice from a reputable debt company: such as The Debt People, Chiltern or Hamilton Locke, all debt solutions can be reviewed and the most suitable debt help for your needs can be recommended. These companies offer a number of debt help solutions – such as a debt management plan or an individual voluntary arrangement (IVA).
Debt help solutions, like a debt management plan, can help people who are struggling with their finances. Debt management enables all unsecured debts to be gathered into one place, making finances easier to handle. Debt management is an informal arrangement with creditors, and often reduces credit card, loan, store card and other unsecured payments to more affordable levels.
A more formal debt help solution, i.e. an individual voluntary arrangement (IVA), is a legally binding contract with creditors. Debt help in this way can prevent bankruptcy and avoid further legal action being taken by creditors.
With the Council of Mortgage Lenders predicting repossessions to double next year and the Chartered Institute of Personnel and Development warning that more than 3,300 jobs are set to be lost each day in the first quarter of 2009, more and more people will be in need of impartial debt advice or a specialist debt help solution.