Re­pos­ses­sion is a grow­ing threat – make back-up plans

Gloucestershire Echo - - CASHING IN - YOUR FI­NANCE EX­PERT WAR­REN SHUTE War­ren Shute is the au­thor of the best­selling per­sonal fi­nance book The Money Plan. Send your ques­tions to the­money­plan­[email protected]­ren­shute.com. Get his free money guides at war­ren­shute.com

Q

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?

A

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

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.