RedSofa Launches THINK Campaign.
RedSofa lauch their THINK campaign across South Cheshire to highlight issues regarding taking out further debt to assist in paying current debt commitments for homeowners.
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March 16, 2007 (FPRC) -- Property investment company RedSofa have launched their latest marketing campaign - THINK. This campaign has been designed to highlight the growing trend of homeowners taking out further debt in order to prevent themselves falling into arrears with their existing monthly financial commitments.
Taking out further debt, which is usually secured against their home, is not a solution which is recommended, as this can cause further problems, as homeowners struggle to afford the increased monthly payments. By increasing the debt, homeowners just increase their risk of defaulting, and ultimately are more exposed to potentially having their home repossessed.
Research from Moneysupermarket.com has revealed that 28% of UK consumers have consolidated their debt by taking out a personal loan, 8.5 million of the 13 million consumers who consolidated in this way actually continued to borrow further through either their overdraft or additional loans. With personal debt now in excess of £1.3 trillion, and an unprecedented number of CCJs being recorded through the courts, this unsecured debt is actually converted into secured debt, as lenders push for courts to issue charging orders against peoples homes as soon as they default on their CCJ.
Not only is secured 'consolidation' debt putting people's homes at risk, but also their unsecured personal loan or credit card borrowing now threatens them with losing their home.
The recent Enterprise Act legislation has caused a massive increase in individuals declaring insolvency, either through bankruptcy or IVA (Individual Voluntary Arrangement), in 2006 personal insolvencies saw a 60% increase in comparison to those registered in 2005. According to Credit Action, the debt advice website, over 300 people are becoming insolvent every single day.
Speaking about the marketing campaign, Lisa Fantom, co-founder of RedSofa stated; 'the idea behind the THINK campaign was to encourage people to consider the long term impact of increasing their debts, as many people take a very short-term view when attempting to resolve their financial issues. Irresponsible lending and easy accessible non-status loans make a very attractive hassle-free option for people wanting to resolve todays debt problems. This however is not a long-term solution.'
The THINK campaign has already hit the streets of Crewe and will also appear in the neighbouring towns in the area, namely Sandbach, Nantwich, Middlewich and Northwich over the next few weeks.
RedSofa specialise in the quick sale and sale and rent back of property, for people who cannot rely on the traditional way of selling their property, or for those who want a fresh start by selling and renting back their home. This service is not for everyone, as RedSofa only pay a trade value for houses in return for the quick and hassle-free sale.
Anyone who is experiencing debt problems of any sort, are advised to seek professional advice before making any commitment for further debt or selling their home. RedSofa recommend that troubled homeowners speak to their local Citizen Advice Bureau or contact the Consumer Credit Councelling Service (CCCS) to seek independent advice on their individual circumstances.
Where consumers cannot realistically take on further debt commitments, the quick house sale service from RedSofa is a real option which can prevent the unnecessary distress which insolvency or repossession can cause.
The advice is THINK before rushing into ineffective short term solutions in a hope of solving much longer term issues.
Send an email to Jeremy Vernon of www.redsofa.com/rent-back.html
0800 0436631
Keywords:
repossession, debt problems, Sale rent back
Recent Press Releases By The Same User THINK Before You Bury Your Head in the Sand. (Thu 26th Jul 07)
Redsofa Targets Crewe for Buying Below Market Value (Mon 12th Feb 07) RedSofa.com is launched (Sat 30th Dec 06) Don't Be a Tosser This Christmas (Fri 22nd Dec 06) |
