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Posts tagged Debt Advice
Nearly One Million Will Face Mortgage Difficulties

The most read story on BBC News today was the news that almost one million people in the UK will "face difficulties" paying back interest-only mortgages. It has come to light that the position of borrowers with interest-only mortgages was much graver than previously thought, leading Citizens Advice to declare that 934,000 people could face having to sell their homes or even have their homes repossessed when they reach the end of their mortgage terms.

There is growing concern that borrowers have no plan for resolving the remaining debt on their homes when their mortgage term expires. Lenders were all too happy to give out interest-only mortgages until restrictions were tightened up three years ago, but many people were sold these mortgages without fully understanding the consequences of an interest-only mortgage. Now these borrowers are paying the price...

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Should I Be Concerned About Negative Equity?

Negative equity frequently features in the local news, and it's no surprise that it does. According to the most recent figures from the Office of National Statistics, approximately 68,000 homes in Northern Ireland are in negative equity. With such a significant portion of properties in negative equity, many people are worried about their homes.

Should you be concerned if your house is in negative equity? The answer depends on what your personal circumstances are...

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What is Unsecured Debt?

Quite simply, unsecured debt is any debt that is not tied ('secured') to an asset. Loans tied to an asset are secured loans. For example, if you have a car loan or a mortgage, the car or house acts as security for the loan. If you default on your loan, the lender can repossess the asset to recoup some of their losses. If a borrower stops making car payments, the lender can seize the car and sell it to earn back some of the value in the loan. The same goes for a mortgage: the bank can repossess the home if a borrower stops making mortgage payments.

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Bankruptcy – Not The Only Option

This article appeared in the Fermanagh Herald on 22nd July 2015.

Debt continues to affect home and business owners across Northern Ireland, particularly in Fermanagh. The Erne County has always sat on the periphery and it is clear that debt is impacting the people of this region more than most.

“The simple fact is borrowers do not appear to have the same access to information as those closer to Belfast. There are 60,000 people who live in Fermanagh and it is very important they have access to all of the information.”

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What Rising Interest Rates Mean for You

On Thursday, Mark Carney, Governor of the Bank of England, announced that the Bank of England base rate will likely rise to 2.5% from 0.5% over the next three years. This rate is the rate which other banks and building societies base their own borrowing rates on.

For savers, this is good news, as those with savings accounts could see higher returns, but what about borrowers? In short, borrowers could be faced with higher repayments as the interest rates rise. People with credit card or other unsecured debts will face higher monthly bills...

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Consumer Debts? Look to the Experts.

If you've read our previous blogs or seen some of our recent success stories, you will know that we specialize in helping people and families who have been caught up in the negative equity trap. It's in our name, after all! But what if you find yourself in financial trouble but don't have negative equity? What if your financial worries are caused by unsecured debts such as credit cards or overdrafts?

Some advisors may tell you that formal insolvency (i.e. bankruptcy or debt management plan/IVA) is the only way to clear up these debts if you can't afford to pay them back, however that may not be your only option.

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Negative Equity: What is it and What Can You Do?

What does Negative Equity mean and how does it affect you? Basically, Negative Equity is when the value of an asset (say your home) is used to secure a loan (say your mortgage) and is less than the outstanding balance on the loan.

Negative Equity is dominating news stories and Northern Ireland is the most affected region in the UK. In Northern Ireland there are over 68,000 mortgages recorded where the loan balances of the mortgages are more than the property is worth. Think about that for a minute; if this was a settlement in Northern Ireland, it would be the fourth largest. If you are in Negative Equity, you are not alone in looking for a solution, we are all working on this together.

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Facing Repossession? Don't Delay in Seeking Advice!

Since the property market crash, the number of home repossessions is eight times higher than it was in 2007. Northern Ireland has a much higher number of repossessions than the rest of the UK.

This is grim news indeed, but there has been some recent improvement. The number of home repossessions has decreased slightly in the last 15 months, and GDP attributes this decrease to mediation between bank and borrowers.

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