Property Rescue Blog

Did Christmas leave you with the type of hangover that can’t be cured by a couple of aspirins and a cooked breakfast?  If so, you’re not alone. 

The Financial Services Authority carried out a pre-Christmas survey that showed people were more likely to resolve to go on a diet or book a holiday in the New Year than try to deal with the bills they’ve run up over the festive period.  Apparently as many as one in ten shoppers were still paying back last year’s Christmas bills whilst running up further debt on their credit cards to finance this year’s purchases.

The post Christmas period is the busiest time for debt counselling organisations, whilst websites that deal with debt problems have a significant increase in visitor rates during January.  The Association of Business Recovery Professionals is seeing a record number of people getting into serious debt problems, with some of them having no option but to go down the route of insolvency or bankruptcy, running the risk of losing their homes and putting enormous strain on their relationships.

All these organisations stress the importance of having a debt repayment plan to break the cycle of debt, something that Property Rescue would endorse.  Even in cases where levels of debt are high, having a proper plan in place, which is agreed by both you and your lenders, is bound to help avoid County Court Judgements being served against you and will lessen the risk of losing your home.

Home repossession is a huge trauma to any family.  The disruption to normal life caused by children having to change schools, adults moving away from neighbours and friends, losing the support network offered by nearby family, and downsizing to a smaller property or inferior neighbourhood all take their toll.  That is all in addition to the financial problems, which are often far from over even once the house has been repossessed by the lender.  Credit ratings will inevitably suffer and new credit, including mortgages, will be hard to come by.

Even when debt problems seem overwhelming, it does not necessarily mean that you need to forgo the home you love in order to pay back what you owe.  Property Rescue’s sell and rent back plan provides one option of dealing with the situation, allowing you to stay in your home as a tenant after the sale has been completed and your debts have been paid.  Property Rescue always carry out discussions in complete confidence and promise to make a ‘no obligation’ offer on your property.

Don’t ignore debt problems because they won’t go away.  If you have levels of debt that are mounting and your home is under threat, call Property Rescue without delay.