Millions worried about debt say National Homebuyers
There is more evidence that the UK is gripped by financial difficulties.
[UKPRwire, Wed Feb 27 2008] Research from MoneyExpert shows that one in three people who owe money are concerned about how well they can service that debt.
This includes mortgage holders and comes as a result of the global credit crunch and the expensive Christmas period.
Sean Gardner, chief executive of MoneyExpert, said that people in financial difficulties need to tackle their problems head-on.
"The fact that one in three people who owe money are concerned or very concerned about their ability to manage their debts is worrying," he commented.
"The interest rate cuts in December 2007 and this month will help but it remains the case that borrowers have to take action themselves.
"Anyone who is worried that they are struggling to keep on top of their debts is heading for serious trouble if they do not take action now. There are many ways for people to get their finances under control," added Mr Gardner.
Quick home sale expert Julian King says, "Those in financial difficulty should consider a fast property sale. Or a Sell and Rent Back solution.
"Consumers must be aware that options exist to assist them at their time of financial distress.
"Sell and Rent Back is similar to equity release where the homeowner sells their property - often up to 90 per cent of its market value and rent the property back for as long as suits.
"Consumers, however, should be aware that we advise them only to use reputatable national comapnies".
Mr King is a director of National Homebuyers, the UK's largest quick sale property firm. He is also a founder member of APBA [Approved Property Buyers Association] which is calling for regulation in the quick sale and Sell and Rent Back industries.