Financial support package

Help is at hand if you’ve fallen into financial difficulties – you just need to ask for it! That was the message last week when local MPs Paul Rowen and Jim Dobbin helped to launch a new support package to help those at most risk of losing their home.

The Mortgage Rescue Scheme helps people who have fallen into difficulties with their mortgage, and the eight page self help guide provides assistance in sorting out your debts and putting you back in control of your finances.

Richard Beaumont from the Citizens Advice Bureau added: "If you fall behind with your mortgage payments, don’t just bury your head in the sand. Get advice right away. Your first step should be to make contact with your lender as soon as you know you will have problems making regular payments. Offer to pay what you can and keep to any new payment plan agreed."

Those who can be helped with the new Mortgage Rescue are offered one of two options:

• Shared Equity’ is where a housing association purchases part of the equity in your property, resulting in reduced monthly repayments. The equity is paid back when the property is sold.
• The ‘Government mortgage to rent scheme’ is when your property is bought by a housing association. You remain living in your home and pay rent to that particular housing association.

In addition, you could be able to claim housing benefit for the equity loan and Support for Mortgage Interest (SMI) on the outstanding payments. If you are struggling with your mortgage payments free confidential help and advice is available to help you stay in your home, but it’s important to act early, added Mr Beaumont. “The scheme is free and impartial advisors can assist with other preventative measures that may be available, as well as acting on your behalf at court, should it get to that stage. Mortgage Rescue will only be considered as a last resort.”

The scheme has debt advisors based at the Citizens Advice Bureau on Milton Street in Middleton, and at Rochdale Borough Council. You can call in to the Citizens Advice Bureau in Middleton without an appointment 9.30 am – 11.30 am on Wednesday, Thursday and Friday. As well as assisting with your mortgage, they can also help you with consumer debt, for example, credit card debt.

And the new ‘Self Help Guide’ which provides help and advice on all aspects of managing your finances and reducing debt is available now. For a copy of the guide, visit the Middleton Citizens Advice Bureau, your local library, or any other public council building. You can also get free impartial advice on any debt issue by calling 0845 504 0494. (Calls charged at local rate).