It was suggested in the media today that meditation and mindfulness were a good way to relieve financial stress. I have a better way. Solve the financial problem!
A lady called Mary phones me and says she has a financial problem – the mortgage is months behind and the bank is going to repossess her home and sell it next week. Can I help?
Shall I suggest that she mediates for half an hour each day or listens to a mindfulness tape? No. What I do is I ask her to tell me about the problems that she has been having. A child died, another was sick, her husband lost his job and her Dad died, all of this happened in a short space of time and she had no money to pay the mortgage.
So I asked for the name and phone number of the lawyer who threatened her with sale of her home for the bank and I phoned him up. I explained that I would go into parliament the next day and tell all the MPs how ruthless and cruel this bank was and ask them to contact the bank directors to stop the eviction and sale. He listened patiently while I told the story and though I had not asked him to, said he would pass my comments on to his client. Next day Mary received an email saying the bank would not be selling her up as planned.
By doing a bit of research I learned she had some space vacant and asked if she would be happy to rent it out. She said yes. The rent would just about cover the loan repayments so she got working on it.
I then rang the bank officer who had emailed her and over a few phone discussions he agreed to accept her arrears over the rest of the loan term which was 12 years. It made a slight increase to monthly payments. The bank was very helpful.
I have mostly found banks very helpful. I like the phrase “Speak quietly and carry a big stick.” I have no hesitation about using a big stick on a bank that wants to screw a customer. I rarely have to do it a second time.
You can always get me via my loan consultancy greg@gbac.com.au or my advocacy for people needing help in dealing with government greg@fairgo.org .