If you're going through hell, keep going
A little over 5 years ago, we set up GDP Equity Experts because we genuinely felt there was a real need to help people who were overwhelmed and distressed as a result of negative equity.
As we move into the second half of 2016, we are recognised as the leading debt mediation company in Northern Ireland, having helped 100s of individuals and businesses get back on track, financially and emotionally.
Whilst there are no exact figures, it is suggested that almost 70,000 people suffer from negative equity as a result of the economic crash in 2007.
At the beginning of 2016, we noticed some marginal improvements with a reduction in the number of unemployed and murmurings of growth within the property market.
Then came the fallout from Brexit and in a recent article in The Independent, Kevin Dowd, Professor of Finance and Economics at Durham University, argued that the big banks are still “asleep at the wheel” and suggests that“…there is a vulnerability of our banking system and the need to rebuild it.”
Additionally he warns that the Eurozone banking system is on the precipice of another crisis, which will also engulf the UK’s major lenders.
On both a local and national level there is a need for great caution – our team of advisors is as busy now as it ever has been.
Our caseloads have more than doubled year on year and the problems caused by negative equity show no sign of disappearing.
Even for the well informed amongst us, it is hard to determine when things will improve locally. It is anyone’s guess as to when the dust will settle on Brexit, who will ultimately lead the new UK Government and what the outcome will be of the circus that is the US Presidential Election.
Regardless of the short or medium term outcome, GDP Equity Experts will continue to work hard to deliver solutions for our customers.
If you are facing financial difficulties or know anyone who is trapped in negative equity, please give us a call on 028 9244 4555.