SURVIVING A CRASH
Try to pay off as much of the capital of your mortgage as possible.
Take out a mortgage payment protection plan if you are worried that you could lose your job and not be able to keep up payments.
Try to pay off as much of your credit-card debt and overdraft as possible – these debts have much higher rates than mortgages.
Extend your mortgage as much as is possible – this will leave you at greater risk of getting into negative equity.
Move house unless you’re absolutely sure you need to, or have got a good deal.
Get an interest-only mortgage without organising some kind of payment plan to pay off the capital.
If you find yourself in debt trouble, contact: The Consumer Credit Counselling Service (0800 138 1111; www.cccs.co.uk); the National Debtline (0808 808 4000; www.nationaldebtline. co.uk); Citizen’s Advice Bureau (www.citizensadvice.org.uk).