Credit crunch set to get worse according to National Homebuyers
The global credit crunch is likely to bring more bad news before it brings good news, spelling disaster for many people in financial difficulties.
[UKPRwire, Thu Jan 24 2008] That is according to Peter Hahn, a banking expert at Cass Business School, who believes that there is more trouble ahead for the UK economy.
Anyone in financial difficulties will be concerned as they are the most likely to suffer when the economy is not doing well.
"We've just passed the end of the beginning. The easy stuff on the balance sheet has been written down and we're starting to look for more," Mr Hahn told BBC Radio Four's 'Today' programme.
"But where we really are right now is seeing the ramifications of all this easy credit excesses over the last several years and how that's going to play out in the next few months where we'll see more problems develop and more losses and weaknesses," he added.
Fast property sale expert Julian King adds, "Homeowners facing or even predicting financial difficulties should act quickly to ensure they do not become part of the repossession statistics.
"Mortgage rescue schemes exist where the homeowner can release capital in their property, clearing debts and remaining living in their home. In most cases though, speed is of the essence".
Mr King is a director of National Homebuyers, the UK's leading fast property sale company that guarantees to make a formal cash offer to purchase any UK property within days. The company also offers a series of Sell and Rent Back solutions.