Loss of income caused by move into part-time work
Cause of financial difficulty
Mr Brown went into part time work for 6 weeks causing a significant drop in his income during this time.
Action taken by homeowner
Mr Brown called to explain why he had missed one of his mortgage payments and that the drop in income was only going to be short term.
Action taken by us
We arranged for him to repay his missed payment over a 6 month period once his salary had returned to its normal level.
Mr Brown cleared the arrears over the agreed period. As he stuck to the arrangement, he didn't get charged a monthly arrears fee.
He opted to continue making payments at the level that he got used to over the previous 6 months - the extra amount he pays each month now goes into an overpayment facility. This means he is building up a cushion, in case he experiences any further drops in income, or and needs to underpay for a short time, or if rates rise and his payment increases.