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How do you know the nation is over indebted?

Now it has become a simple matter of looking at banking services.

When major banks are setting up services and call centers to help their clients that are over indebted, you know there is a big problem. No bank will dedicate staff and call centers and pay these people to help out 1 or 2 people. So, it stands to reason that the problem is progressively getting worse.

Lately from the information I have received both FNB and ABSA have set up specific call centers and staff to deal with over indebted clients.

FNB came up with a call center for people that can’t pay their bonds...

Then ABSA came with something similar. From what I see ABSA service is a bit more thought out. Of course I could be wrong, however ABSA will look at the overall client profile, what they spend what they earn what is their debt and try to restructure to ensure that they can get out of the mess.

This might seem like a nice gesture. I am sure it is, but taking into consideration that ABSA probably has more mortgage bonds than the rest of the banks and the interest rates are right now eroding into any spare cash that was there to service debt, this is not a nice service, it is a necessary one.

Otherwise, they will have to go to the legal route of defaults and that could cost a whole more than just helping a client out temporarily when interest rates have just eaten way too much into the cash flow.

If you need the details of these centers turn to these banks or you can also take them from the Property Investor Network forum - Can't pay the bond? - what to do (Home Loan modifications... continued) .Donnie is updating us there not only on these things but also on home loan offers.

Donnie just posted for us also the latest comparison list of all current home loan offers from all the major banks (you can find that under documents, Property Reports and Trends – Banks Amendment Criteria Guidelines 09-June-2008 ).

 

 

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Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved.

 
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