Bridging finance company gives 5 tips to avoid repossession

Bridging finance company gives 5 tips to avoid repossession




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As the financial crisis continues to affect the property sector, Manchester-based short term property finance company, Hilton Ventures, has offered five key – and crucial – tips to prevent your home being repossessed should you be experiencing financial difficulties due to the current economic climate:

  • Keep in close contact with your lender from day one about any problems that might be arising. Explain the problem to your lender and how you plan to get yourself out of it.
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  • Try and continue to make some sort of payment to the lender even if it is a reduced amount.
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  • Work with a good lawyer that has your interests at heart and ensure quick response to any letters you may get from your lender - remember to stay calm as many of these letters are sent automatically and are not necessarily a current reflection on you or the situation.
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  • Act quickly and keep on top of the situation instead of ignoring it - it won’t go away by doing nothing, but it can be managed by acting calmly and responsibly.
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  • Remember repossession is a last resort for both you and the lender. Be humble, accept the situation for what it is, continue to talk to people, don't get bullied into things from unscrupulous people trying to take advantage of your situation and make sure your advisers are regulated by bodies like the Financial Services Authority or the NACFB.
  •   Andy Eames, head of lending at Hilton Ventures, commented: "Financial pressures - particularly where your home is at stake - can feel devastating. Our advice is to talk to professionals at the earliest opportunity. Bottling up a problem and hoping it will go away will only exacerbate the situation."

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