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GDP EQUITY EXPERTS have made themselves available to help trapped borrowers switch onto better rates or resolve their negative equity problems.

Money Saving Expert Martin Lewis warned MPs on the Treasury Select Committee yesterday that over 1m home owners could soon be trapped in mortgages they cannot afford. “We've got 250,000 mortgage prisoners now, but I dread to think how many we will have in a year-and-a half. It wouldn't surprise me if it was four or five times that number,” he said.

Case Matter:
In October 2018, a married couple came to see us with an Investment Property portfolio in the name of their Property Development Company which they had personally guaranteed. The property portfolio had been repossessed by a Private Equity Firm, and subsequently sold over the following 12 months at a loss. The loss from the sale of the property portfolio totalled approximately £253,698.

Many business owners are worried about a second lockdown wave and what it will mean for their business.

The year 2020 has been a challenge for all business owners and even though some managed to adjust or even thrive during this pandemic, the majority of business owners are facing insolvency with a second lockdown wave.

Many Homeowners and Property Investors have taken advantage of the payment holiday scheme as a support during the pandemic. Due to the high demand, the scheme was extended after 3 months and will end on the 31st of October. This scheme has been a lifeline for anyone in financial difficulties but how to deal with the debt that mounted over the past few months?

Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, at the FCA delivered an introduction to Mortgage Forbearance Webinars. The idea behind the webinars was to help firms prepare for the next phase of support being afforded to mortgage customers suffering from Covid-19 related detriment. The FCA highlighted that there will be "a significant minority of customers who will face ongoing difficulties through this unprecedented period."

People living with crippling debt often feel trapped, alone and in despair. In addition to this, many people face mounting pressure from their creditors through daily threatening phone calls and letters.

Please always be assured that there is always a way out of a debt issue. This is why your clients should always act immediately to achieve that solution to enable them to move on with their lives and have a brighter future. The first step to any debt matter is to simply ask for help!

According to new research from Bankrate UK, 46% of buyers have had their prospective property down valued since March 2020. Of those properties that were down valued, 50% of these buyers were aged 18-34, in comparison to 37% of buyers aged 45 and over. The results also revealed that homes valued between £400,000 and £500,000 have fallen victim to the most devaluations.

Small and medium-size enterprises are the lifeblood of the Economy but many are increasingly worried about the bleak economic outlook ahead as a result of the ongoing Covid-19 pandemic.

A recent business survey undertaken showed that pre-Covid, 80% of small to medium sized enterprises (SME’s) reported stable or growing revenue for the year. However 80% percent of SMEs now say their revenues are declining. The reasons are mainly down to concerns about defaulting on loans, their ability to retain employees and doubt in their ability to sustain their supply chains.