Tuesday, Aug 19, 2008
Home repossessions up 48% “It’s rarely too late to get advice.”
Payplan: Repossession - “Get Advice As Early As Possible”
“I think the most important thing that people can do is to get advice as early as possible. In about 80% of mortgage repossession cases it’s possible to avoid repossession simply by getting the right advice at the right time.”
He added:
“It’s rarely too late to get advice.”
The Royal Bank of Scotland is the latest bank to record substantial profit losses, and questions are being asked about what the future now holds for the economy, lending and people’s personal finances.
Posted by malct @ 06:30 PM (436 views) Add Comment
5 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. it_is_going_with_a_bang said...
It is fairly simple.
Who have a mortgage you cannot afford for a variety of reasons. By the time you realize it you are already a credit risk probably with a bad credit score.
Options for finance - limited. As nobody will touch you with a barge pole.
Rarely too late for advice??? I would put it another way. Rarely does advice get you out of the situation. It won't pay the bills and mortgage.
It may well buy you time. But advice on it's own is extremely unlikely to help anyone out of this hole.
My brother did used pay plan for advice and indeed started a plan. What a waste of time. Thats all I can say.
2. Debt Adviser said...
Hi
I think the Payplan article refers to getting advice about repossession proceedings in particular, and suggests that if you have had repossession proceedings started against you, then getting advice about how to deal with the legal proceedings can in fact help prevent repossession taking place.
It is unfortunate that your brother found a Payplan to be of little value for his situation - however, because the debt management plan service from Payplan is free, your brother has not lost anything. It is a sad fact that not everybody can solve their debt problems in a way that they'd like - often this is because debt advice has been taken too late - again, the point of the article you comment on is to encourage seeking debt advice early .
It is also an unfortunate fact that many of us build up debts over a substantial period of time, trying to keep our heads above water - but when 'crunch-time' comes, we expect someone to provide us with an immediate solution - common-sense dictates that this isn't always going to be the case.
Getting debt advice is useful - and I'd urge anyone who is struggling to at least discuss their situation with a free debt advice organisation like Payplan, CAB or the National Debtline as soon as possible.
Debt Adviser
3. renting2 said...
The only advice worth anything would be - " Start packing now, get yourself on the council list with the biggest sob story you can muster and sell off anything valuable (or stash it at a relative's house) before the bailiffs attend."
4. Debt Adviser said...
Very constructive!
5. This comment has been removed as it was found to be in breach of our Blog Policies.