A lot of people in the UK are in a tight spot these days, some are facing bankruptcy, which can literally destroy their lives.
In the past, credit in the UK was easy to get. People with low or average incomes were able to take out loans and apply for credit cards to their heart’s content. Then the economy crashed and credit not only became harder to get, but people also started losing their jobs.
Many of us have friends and family members who took out a house loan and racked up credit card debt when loans and credit cards were easier to get. Most of them, like my cousin David, decided to try and get out of their debt by taking a second mortgage out on their house. Suddenly David had not only his original mortgage payments but also a second mortgage payment equal to that of his credit card debt. Creditors got off his back for a short time, but eventually he was back to his initial situation and unable to pay his second mortgage.
David was soon in deep debt, and his house was in the process of being repossessed. David’s credit was at risk of being destroyed when I suggested he let us sell his house privately to save his name from being put on the repossession registry. Unfortunately, David refused to listen to reason and he and his family were forcibly removed from their home.
The loss was greater than just losing his house and the family belongings. He, his wife and his children suffered the emotional trauma of being displaced. The children lost many of their toys. My cousin, his wife and 3 small children had to move in with David’s mother. David was lucky. He has a mother who is financially able to provide a roof for him and his family and his wife has stuck with him despite this unfavourable situation.
Not everyone is as lucky as my cousin. Many people in similar situations end up without a home and with a broken marriage. Don’t let this happen to you!
I don’t think it is ever a good idea to pay off debts by getting yourself further into debt!. By remortgaging your property to consolidate your debts, you are essentially getting further into debt. What will happen if you lose your job or if interest rates rise? Many homeowners end up having to declare bankruptcy. You want to avoid bankruptcy if at all possible.
If you have to declare bankruptcy, you will lose your house and all your assets. You will no longer enjoy financial freedom. Moreover, the financial effects of bankruptcy last up to 15 years. The emotional effects of bankruptcy can last forever.
The only way to avoid bankruptcy is to do whatever you can to pay off your debts. Selling your house quickly and saving whatever equity you have left might just be the only way out of this dreadful circumstance. We can help you sell your house quickly to avoid bankruptcy.
Even if you do not have equity in your home, we can still help you.
All you need to do is to submit details about your house on our online form NOW and we will connect you with an investor who is interested in finding a property in your area.