Financial difficulties and the prospect of Bankruptcy is on the rise in the UK at an alarming rate. Selling your property is sometimes the first massive step away from facing devastating financial consequences!
Easy access to credit and the collapse of the housing market led the UK economy deep into recession – and arguably it has not recovered.
The COVID_19 pandemic has worsened the economy and plunged it into more uncertainty.
Debt is money that does not belong to us and usually needs to be repaid with interest. This is not necessarily a bad thing, when debt is taken up to a level you can comfortably repay. Debt might be used for re-investing.
However, when credit was so easily available, some people fell into the debt trap, being unable to make repayments, having to fight off creditors with more loans or more credit cards, in the hope that somehow they can stretch just a little bit more.
The problem is, that is not a long term solution.
If you are facing this situation, you need to ask yourself the very crucial questions:
• Can you afford to jeopardise your credit and ruin your future chances if things go wrong?
• Can you afford to put your family in such an exposed position?
• What if you lost your source of income through unemployment or redundancy?
These are just a few variables that could change – and make your position totally untenable.
Borrowing more money to pay debt is a vicious circle. It is a dangerous game which could lead to insolvency and bankruptcy.
Rather than looking at solutions like bankruptcy, which can effect your credit and life for the long-term, another way forward might be to reduce your monthly outgoings and your overall debt, if you look at the potential of releasing equity from your property by making a quick and clean sale of your property.
This is where YourPropertyCASHBuyers can help you find a solution that works. We have a network of investors who would be ready to buy your property quickly and efficiently to assist you in your future journey.
