Repossession is a growing threat – make back-up plans
I READ that claims for property repossession in England and Wales increased in June to the highest level since late 2014. Is there anything I should be doing now to prepare for something like this?
ANYONE can be derailed by a financial crisis; unexpected job loss, chronic illness or a death in the family, and if your finances are in order when this crisis occurs, you’re more likely to weather the storm than if it occurs.
There were 6,179 claims in county courts for repossession in the three months to June, a 39% rise compared with a year ago and the biggest annual increase since the financial crisis. It’s time to get your financial house in order.
To do this, follow my Five-step plan: ■ I KNOW it seems silly, but what do you want financially? When do you want to retire? Do you want to help your children? Think about your future. Most people spend more time planning a two-week summer holiday, than they do their three-decade retirement.
■ GET to know ALIE: Your Assets, Liabilities, Income and Expenditure. If you struggle with your day-to-day banking, and regularly overspend or miss payments, go on online to warrenshute.com and learn about my ‘Bank Account System’.
■ SORT out financial planning basics such as emergency cash, wills, lasting powers of attorney and insurances.
■ ORGANISE your unsecured debt and get to work repaying it as quickly as possible.
■ SORT your retirement planning, aim to save your wages from at least the first hour of your working day for your future, you’ll thank yourself later.
Get your finances in order before it’s too late