When Your Finances Give You Lemons, Squeeze Them!

Sometimes financial difficulty can leave us with a bitter taste in our mouths. We can feel squashed under our the burden of our monetary dilemmas and sometimes it can be hard to see a way out. The temptation can often be to bury our heads in the sand. However if we do not address problems with finances, they could escalate. There are a number of common financial woes which many people face in their lives. This article is set to offer you some guidance on how to effectively address these problems and sweeten your financial situation. Problem 1) You have found yourself unable to make the monthly repayment on your mortgage. How to squeeze: If you do find yourself in a situation where you cannot meet the monthly repayment on your mortgage, the first thing to do is not to panic. You will receive correspondence from your lender which will clearly outline to you what is owed and the amount outstanding on your mortgage. It is important that you open this letter and read it thoroughly. Avoiding contact with your lender could make matters worse. There are regulations in place whereby your your lender must act fairly and reasonably in this situation. Therefore it could be useful to discuss your circumstances with your lender; explain to them that you are willing to pay and try to agree on a revised pay schedule. Ensure that anything which is agreed is documented in writing for your records. There may be other options which could help you in this situation. Could you rent out a room? Try to avoid borrowing any more...

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