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Posts tagged Debt Write-Off
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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Some Good News as Financial Markets Head South

As the financial markets are taking a battering today there is no doubt that some people will be feeling the Monday blues. On that note we thought we would share some financial good news that one of our clients received today.

Our week got off to a great start when a prominent Irish bank phoned today to accept our client’s offer of €10,000 in full and final settlement for their €80,000 debt shortfall post sale of a buy-to-let.

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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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Would You Like A Longer Bank Holiday?

Everyone loves a long bank holiday weekend, even us at GDP Equity Experts, but what we love even more is coming back to great news when we return! This morning, the bank contacted us to confirm that they have accepted one of our clients' proposals meaning we just had £63,500 of bank debt confirmed written off.

Our client is now debt free and can start her financial life afresh – now that’s a holiday from the bank if ever there was one.

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Debt Forgiveness

This is a big week for Europe as the European Union as we know it appears to be on the verge of producing its first casualty in the shape of Greece.  International news outlets and media centres have been covering Greece's economic woes extensively over the last few months, but it appears that matters have progressed to an irrecoverable stage in the last week, as Europe's powerbrokers continue to increase the pressure on Greece and its people.

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Debt Write-Offs - Not Just A Fairy Tale...

Seven years after the global financial crisis and property crash, many people across Northern Ireland continue to struggle with over 68,000 homes still in negative equity. Recent news stories about the economic recovery of late offer little reassurance to those affected.

In our experience, debt has been an enormous source of anxiety and stress, with many people feeling like they will never be free of their financial burdens, and on many occasions this can manifest itself in illness for those involved.  Against this backdrop, claims of debt write-offs can sound like a fairy tale. When high figure loans are forgiven or significantly restructured, it's hard not to wonder what the catch is...

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