Property Rescue Blog

As the Olympics draws to a close the British medal tally goes ever upwards.  Team GB is sure to receive an enthusiastic homecoming, not only for their fantastic efforts in Bejing but also for giving us a welcome interlude of good news and a hefty dose of true inspiration.

No gold medals this week to E.On or Scottish and Southern Energy however, both of which are promising to raise prices of gas and electricity by as much as 29%, citing energy wholesale costs as the cause.  EnergyWatch and Age Concern have expressed fears about how these increases will affect those on low incomes and the elderly, particularly as the latter struggle to stay warm this winter.  All eyes now are on the Government to see what policies they can produce to help tackle ‘fuel poverty’. 

Joining the ranks of the low income will be some of those who have been unfortunate enough to lose their jobs during the last few months.  The figures show that 60,000 more people were out of work at the end of June than at the end of March this year.  Unemployment now stands at 1.67 million, or 5.4%, increasing the misery of low income families, not to mention the strain on the benefits system as more and more people become claimants.

For anyone with a large mortgage, losing the main income – or one of the main incomes – can be a giant fly in the ointment of the household budget.  The additional pressure from escalating costs in basic necessities such as energy will doubtless push more homeowners’ bank accounts into the red. 

When the budget becomes so stretched that there is insufficient funds to meet mortgage repayments and energy costs, it’s time to take action.  The common response to such problems – a combination of panic and ‘head in the sand’ – is very understandable but goes nowhere towards resolving issues that must be faced.  Losing the family home is one of life’s most stressful events, putting relationships under strain and affecting every family member.  If problems are temporary or not particularly severe, with help from outside agencies and your lender you are likely to be able to weather the storm.  But if your financial difficulties are ongoing and you find yourself getting further and further into debt, you need to take advice from professionals before threats of repossession are made.  Visit one of the agencies that offer free debt advice, go and see your lender, and above all, don’t let the situation get out of hand. 

Property Rescue offers a way to stop repossession.  They will buy your home from you, and guarantee to make you an offer regardless of the location or condition of your property.  This could allow you to start afresh elsewhere or rent a home until you get back on your feet.  Although Property Rescue would recommend you take advice early, they can and will help, even when repossession is imminent.  Many of the people who go to them are saved from having their homes repossessed by as little as a few days. 

In a time of rising costs and unemployment, everyone owes it to themselves to explore all the options before making decisions that will affect their own and their family’s future.  Give Property Rescue a call for free, confidential advice given without any obligation.