Finance and Credit Professional

Things were never meant to turn out like this for the happy couple in the wedding photo. They had done everything above board, all planned in meticulous detail and professional guidance sought, from mortgage advice to family planning and careers advice.

However, not all scenarios can be predicted and it is only possible for a couple to do their best in the current situation. Of course, they had built in protection as much as possible for events to take a down turn. When they took mortgage advice, they knew that they should take out insurance against possible unemployment and this they duly did, leaving them with at least some feeling of security when they embarked on purchasing their first home.

So, they moved into their little terraced house and were blissfully happy for several years. The first child came along and everything looked rosy. The mortgage advice they received at the beginning of their journey allowed for her to give up work and raise a family. All was covered and, as I say, they were happy.

This was before the Northern Rock crises that sparked panic in the financial world. A credit crunch was looming the world over and this little family found it necessary to pull the belts ever tighter while managing their budget. Work had dried up a little for him and they were eking out a meagre income. Interest rates were rising and although this was a possibility discussed during their mortgage advice sessions, it wasn't something that could be forecast with great accuracy.

One wintry morning brought another of the dreaded window envelopes to their door mat. Interest rates were rising again and it was feared that this would finish the couples finances completely. It was shortly after this that she decided she had to go back to work and began searching the classified and checking out childcare facilities.

It worked out that for a full weeks work and all the stress of running around between work, childminders, home and shopping etc that this would actually generate an extra 25 pounds a week. Hardly worth the effort but they so wanted to hang onto their home so of course, she was devastated to find out two weeks later that she was pregnant again.

Mortgage advice hadn't allowed for this little gem!

This left her unable to return to work and with his reduced income the delight of their second daughter coming into the world was marred by the repossession order hanging over their heads.

Six months after their newest arrival the couple found themselves living in council run temporary accommodation. Far from what they were used to the couple joined a local support group and found that they were not alone. Many families had met dire straits with the financial crises in the country and it bolstered them a little to know it was not their own mismanagement that had caused this downfall.

Time passed and the couple became used to their situation, saving what little money they had left from their house sale in the hope that future mortgage advice would see them back on that property ladder.

The meetings with others in their support group spurned an idea that could see them all slowly digging their way out of this financial pit. Taking mortgage advice, several of the couples decided to club together what they had left and buy a dis-used building that they could turn into temporary accommodation for others in this situation but with the emphasis on much better quality than what local authorities could provide.

Plans were drawn up, agreements signed and eighteen months later things had turned around beyond recognition for the couple. They had a rough over their heads and a business with good people that they could both work at with no childcare worries.

About The Author :

Financial expert Catherine Harvey looks at the way mortgage advice might not be fool proof but can help.

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