Is your mortgage your top priority?
Regardless of your financial situation if you have your own home with a mortgage it should always be your priority to pay it above all other debts. If you are in debt and owe money to many different lenders you will probably have experienced creditors chasing you for money.
Chasing from unsecured lenders is often different from secured lenders. Unsecured lenders have a faster process and when a debtor misses a payment, or makes a reduced payment, they will begin chasing procedures straight away.
Secured lenders, on the other hand, commonly take longer to process missed payments and are usually less active with their chasing for the missing payments. It is usually because of this that debtors find it less hassle if they pay their unsecured creditors over their mortgage.
If you are experiencing financial difficulty, here at Payplan we would always advise that you pay all of your priority payments first and with then share any left-over funds between your creditors. If you need assistance then please speak to a trained debt specialist for free and impartial advice.
Written by Gemma on January 25th, 2012
Filed Under Budgeting, debt advice | Trackback | Leave a Comment
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