Saturday 8th of January 2011
Many people in Britain are too frightened to talk about their financial difficulties, an expert has claimed.
Catherine Hearnden, director at MyMortgageDirect, said an increasing number of UK adults are scared to admit they are having trouble paying their mortgage as they keep seeing other individuals losing their homes.
The industry figure observed: "A lot of people bury their heads in the sand and think that if they don't say anything then the lender won't notice."
But it could prove a wise move for individuals deep in the red to seek advice - which might involve asking individual voluntary arrangement questions - as Ms Hearnden claimed it is better for a person to put payment plans in place with the lender than to start paying by credit cards.
A recent poll carried out by YouGov on behalf of Shelter revealed more than two million people have used their credit cards as a means to pay their mortgage or rent.
By Hayley Jones
