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MORTGAGE DEBT PROBLEMS ON THE RISE - ASK FOR HELP!!

This week I have met with a number of people from right across the country who are at the end of the road with regards to their financial position.  A number of them are facing into the unfortunate situation that their mortgage lender is likely going to repossess their home in the next twelve months as the term of their mortgage is coming to a close.  It’s a deeply distressing position for anyone to be in.

One of the reasons we set up this business in 2011 was to educate people around money and finance.  In particular to ask people to make it their business to understand the mortgage product and loans they have taken out and are responsible for.  I always use the example that if you were to ask one hundred people is their mortgage interest only or capital and interest, how many actually know the correct answer in a thirty second time-frame.  I think you might be surprised by the outcome of this.

The reality is that many of us would prefer to forget about the stark reality of the financial pressures we put ourselves under.  Ignoring letters from the bank, not taking calls from creditors hoping all will evaporate.  The reality being when you waken up the next day, all is still there, and the pressure will only intensify becoming more difficult to deal with.

The best thing you can do today if you are in this position or you know someone who is, is to “ask for help”.  It sounds simple, however for most of us this is an incredibly difficult thing to do it would appear.

The sooner you address financial problems, the more likely it is you will achieve a better outcome.  There are solutions available be it debt write down through mediation, an IVA, equity release products and so on.  The solution that suits you may not be right for someone else as not one shoe fits all.  However if you take that first step and engage with the right team who are professional, regulated and have a track record of success then that is the first step of recovery.

If you need any further information on this, contact our team today

CONOR DEVINE MRICS

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