Have you insured your home, contents, car, life, incomes,
and health?
IF YOU HAVE NOT DONE THIS- DO YOU HAVE A STRONG REASON? LET
ME KNOW SO THAT I CAN SHARE IT WITH OTHER LISTENERS.
WHAT HAVE YOU LEARNED FROM THE RECENT CHRISTCHURCH EARTHQUAKE?
Situations can change overnight in life …especially in a
mortgage situation. At least banks have now given borrowers a 3 month loan
repayment holiday in South Island.
Incomes change – can be lost or reduced, separations &
personal tragedies can happen
External borrowings go out of control – we do not realize we
are borrowing and living beyond our means…the trap is especially with
interest-free promotions &/or car hp’s
You have borrowed influenced by what you felt were very
attractive offers.
You suddenly find you cannot make a loan installment payment
on the due date – you did not budget and therefore borrowed more than you could
service
To make payments work – u start delaying the hp repayments
or missing them altogether
The HP Company sends you a notice… You then make up the
payments on the HP
The home loan repayment is missed or delayed – the bank
calls you or sends a letter
Other necessary expenses are delayed…insurances are stopped
or delayed…this will affect you if the need to make a claim arises
In no time you have a small repayment crisis on your hands… STOP
HERE
Talk to the concerned lenders – both the bank & the hire
purchase provider…..put things in writing asking for some time to enable you
think of a solution
Check if you have enough equity in your property to
consolidate the borrowings…check if you also have sufficient income to service
the consolidated loan
In many cases, you are able to consolidate the loans
CALL MORTGAGE MANTRA IF YOU ARE IN A SIMILAR SITUATION
OUT OF 100 PEOPLE WHO START WORK
AT AGE 25 & REACH AGE 65:
1 IS WEALTHY, 4 HAVE ENOUGH SAVINGS TO TAKE CARE OF RETIREMENT
3 ARE STILL
WORKING, 63 DEPEND ON SOCIAL SECURITY OR WELFARE OR FAMILY & FRIENDS…..29 ARE DEAD
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