Financial health requires vigilance
Published 14/01/2010 | 05:00
THE economic meltdown is showing signs of abating, according to the latest reports.
However, some significant financial hurdles lie ahead and consumers must be prepared to deal with challenges.
Meeting the terms and conditions on any loan, whether a mortgage of €200,000 or a credit card bill of €200, constitutes a legal contract between the consumer and the creditor.
And, despite recent talk of creditors' willingness to work with consumers, consumers must remain vigilant to their own financial health.
Engaging with creditors at the first signs of financial difficulty can be worthwhile.
From the creditor's point of view, it confirms the customer wants to continue payments.
Also, in the unlikely event a court action were required, evidence proving a consumer was engaging should count in their favour (provided records are kept of any engagement).