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Similar to falling into mortgage arrears, being in this situation often does not mean that you will be repossessed or lose your home.
These companies cannot simply decide to take your property and have a legal duty to follow set procedures.
In our experience, communication is key. We would recommend contacting the credit companies directly to discuss potential ways around the situation. Perhaps, for example, you could figure out some kind of payment plan or consolidate the debts into one credit card or unsecured loan.
Although it can have a negative effect on your credit rating, an Individual Voluntary Arrangement (IVA) can be a good way to reduce the debts to a more manageable level.
Alternatively, if you simply want to sell your house to quickly release any locked-in (equity) money, we’d be happy to chat about our various options.