Learn How To Buy a Bigger House with the Same Mortgage Payment by comparing a regular 30 year fixed loan to a 30 year fixed loan that is interest-only for the first 10 years.

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Recently the Citizen’s Advice Bureau (CAB) has criticized the Mortgage lending industry for increasing the arrears problems for borrowers due to their arrears management processes. This was backed up by a string of case studies that the CAB had drawn up totalling over 1,200 people’s stories.

The report stated that mortgage lenders are too quick to seek court possession orders against borrowers and that they should negotiate with borrowers as this is a dangerous situation for them as many borrowers when backed into a corner are resorting to the upsurge of leaseback schemes that have resulted in borrowers becoming homeless due to this process.

Between repossession orders and the leaseback sharks circling them, borrowers seem set up for a fall and the CAB says that the Mortgage lenders are doing little to combat this result. Meanwhile the Council of Mortgage Lenders has dismissed the report claiming that it was too simplistic in its criticisms.

The CML pointed out that the types of people who reach out to Citizen’s advice are normally earning lower than the national average and are by definition, those who have not managed to reach a satisfactory arrears management plan with their lender.

With both parties making claims the blame for a lot of the problems that borrowers have has been placed upon brokers not acting properly, in some cases people with large mortgage repayments, as well as other debts from credit cards, are being recommended to re-mortgage where they’d be forced to pay even more on their repayments.

The CAB has called for a list of changes including; asking the FSA and fair-trading to make sure borrowers are treated fairly and not mis-sold mortgages, as well as getting the Ministry of Justice to ensure that repossession is a last chance effort not the norm for borrowers who are struggling to meet payments.

Whether these changes are brought to pass will remain to be seen but for now at least borrowers who are struggling have had their plight made public and hopefully action will be taken so that they’re not mis-sold mortgages and that they get adequate support.

Andy Adams is an IT worker and experienced writer

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Christmas is around the corner. Are you worried about cost? For the last few decades, wholesome Christmas traditions have been overridden by Christmas merchandising and shopping sprees. If you are in debt already, or are simply battling to make ends meet in any normal month, your anticipation of the holiday season is likely not so great.

It need not be so. Your solution is to go back to what the holidays were all about.

Here are 10 enjoyable, uncomplicated, feel-good things for you to do, giving you and your family have the best Holiday season ever. Not only that, if you manage to take step 1 to the full extend, you’ll even reduce your debt and have a wonderfully relaxing time, nor worrying about money.

First, let’s prepare and do some smart money management. The objective is to you to not worry about your money problems for the next 8 weeks. You can do so in 4 responsible steps:

A. Determine how much money you’ll make from now till XMAS.
Deduct all upcoming ongoing bills from this amount. Don’t forget to keep a grocery shopping allowance. Write checks and pay all bills in advance, put them in envelops with a penciled due date on the outside. They are to be mailed when due.

B. Now, with the money that is remaining (income minus bills), write a check for either the entire amount (if needed), or a good chunk of the amount (as needed) to pay off some your highest interest credit cards debts. Outlandish? Well, not really. Calming. You will be so proud of yourself that for the first time in quite some time, you are actually making a drastic step towards reaching your goal of financial freedom.

C. Next, give your credit cards in an envelop to a trusted friend to safeguard them for you till January.
Choose a grounded friend for this purpose, who’s good with money. Explain them what you are doing: creating no more debt this Christmas. Promise yourself to not spend a dime more than you actually have available to spend this holiday season.

D. So now with your money properly managed and cards safeguarded, you can start your first freely created, stress free, fun-packed holiday season.

Wait a minute, you say, without my credit cards and with my spare cash spent on my debt, how can I now go shopping and buy presents and other preparations for the holidays? How is this going to work?

The solution is simple. The true spirit of Christmas is about giving love. So, this year, I suggest you give love this Christmas, instead of a 500-dollar-toy. Here are 10 really great suggestions on how to go about doing this.

1. Give all people, for whom you usually buy a present, a list this year.

A special list, a list of ’10 reasons why … this person, eg. Aunty Joe … is so loveable’. This project is bound to fill your heart with love and joy and will be so much cherished by the recipient. This gift alone can change your entire holiday season around to be the most loving ever. When giving love, you become love. When you become love, you will attract love, and appreciation. Ultimately this is what we want, isn’t it?!

2. Go to the library and take out a couple of craft books.

You can have fun a many an afternoon with your kids making holiday decorating craft projects and creating home-made gifts for friends and family. Only choose environmentally friendly projects that allow you to reuse/recycle materials you already have, and that need tools that you already own. It is amazing what you can find in your home that you no longer need that can be transformed into a wonderful gift for someone.

It’s the craft value that makes the gifts special. Make your own holiday wreaths and other home decorations with branches from your and/or your friends’ garden. It’s fun and free. Add some ribbons from birthday gift wrapping and some XMAS tree decorations you already have.

Click here for part 2 of this article.

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About the Author

Vera Lang is a writer for Debt Help – a site committed to helping you become debt-free. We hope this article has given you a head-start in the right direction. In the New Year, check out the web site for help with your financial New Year’s resolutions.

Enjoy this article? Read Vera’s other informative stories about home and family life at
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