H for Housing

Often, in my job I get called in when it’s a little bit too late. The one thing I wish I could get through to people is that they need to get in contact with debt advisors early enough to give us time to do our job. A couple of the cases I got involved with recently were examples of this:

A month or two ago I went to see Mr Stone – a guy with a really nice house in Berkshire. I was admiring the house, and told him how beautiful I thought it was. Well, that was it – he burst into tears and told me that it was getting repossessed tomorrow but his wife Janice, who was at work, had no idea.

I spent most of the day with him and managed to get him in touch with a sale and rent back company who would help with his mortgage arrears.

That night he told his wife, expecting the worst. To his surprise, Janice was very understanding – even going to the Court with him to hear the outcome.

Unfortunately, the Stones lost their house at Court. A week later, however, we managed to get it back for them after I worked out that he COULD actually afford the repayments and really just needed to agree a manageable repayment plan with his creditors. Luckily it all worked out, but if Mr Stone had contacted me earlier he might have realised in time that all he really needed was a lesson in financial management.

A similar case I dealt with actually involved a couple of friends of mine. Barry was self-employed and Susan was a head-teacher with a good salary. I had always assumed that they were comfortably off – both were earning and always seemed happy to play host and hostess.

It turned out that they just hadn’t being paying their mortgage. I had to spend half a day with them, really trying to explain the gravity of their situation and the very real possibility that if they didn’t address the issue now, they could lose their house.

Sometimes people need to be told to prioritise and not to avoid situations. We went through their income and expenditure and they realised that, with a bit of shuffling, they would be able to afford their mortgage payments.

I always say people need to seek best advice. Would you ask the guy down the pub how to fix a gas boiler? No – you would get an expert in. It’s exactly the same with debt management and debt advice. Don’t ask your friends down the pub, ask experts, because it’s just not worth potentially losing your house over.

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