For the 13th time in a row. today s shock announcement of a 5% interest rate comes as the mortgage team here in leeds are desperately trying to help clients in financial stress. but according to the charity, it takes about a year between when a client enters a financial crisis, and when they finally reach out for help. what we would say is people don t have to suffer on their own. we are going through a once in a generation, if not more, cost of living crisis, and if anything positive can come out of what is an incredibly horrible situation, i d hope it is that we can get a bit better of talking about our financial problems and asking for help from organisations like stepchange. typical clients will already have squeezed their spending on shopping, entertainment and non essentials. have you spoken to your lender at all about what help they can offer or assistance they can give you in dealing with that mortgage? some are also considering cuts that would damage their financial future. ok
Lenders. they will support them. people are frightened. that - lenders. they will support them. people are frightened. that fear| lenders. they will support them. . people are frightened. that fear can stop people making that early goal. what would you say to someone afraid to even just face it? what would you say to someone afraid to evenjust face it? 50. what would you say to someone afraid to even just face it? to even ust face it? so, we know that on to even just face it? so, we know that on average to even just face it? so, we know that on average people to even just face it? so, we know that on average people take - to even just face it? so, we know| that on average people take about to even just face it? so, we know . that on average people take about 12 to 18 months to seek help. in that time, unfortunately, their situation gets worse. it is really important to reach out. there is nojudgment. it is really important to get that support. there are lots of things people can
Have enough money to pay for food etc. yes, they will use debt to pay for essential living. what we say to people is, what is really important, as soon as you start to struggle, seek help, reach out to your lenders, reach out to a charity such as ourselves to get help as quickly as ourselves to get help as quickly as possible because extra borrowing will make the situation worse. extra interest rate will make the situation worse. extra interest rate rises will make the situation worse. extra interest rate rises look will make the situation worse. extra interest rate rises look like they are on the cards for the months ahead. what are your concerns going forward? i ahead. what are your concerns going forward? ~ .., . , ., forward? i think the concerns for me is that people forward? i think the concerns for me is that people don t forward? i think the concerns for me is that people don t seek forward? i think the concerns for me is that people don t seek help - forward? i thin
It ll get much worse. the debt charity stepchange gave us special access to their call centre in leeds. my colleague 0livia richwald went along to hear about the help on offer. afternoon. you re through to beth at stepchange. how can i help? is he behind with of the bills rent, council tax, water, tv licence? the call handlers at the charity stepchange help those in financial crisis. debts are mounting up, bills are being ignored, and bailiffs are knocking. got both of you for your debt advice session. but i ve only got you registered for the mortgage and the equity release side of things. yeah, it does take a lot of emotional resilience to work, especially work in the charity at the moment, especially with the cost of living crisis. we re seeing, i think, a lot more desperate clients. the charity was set up 30 years ago and employs 800 staff at the leeds head office. we were filming as news broke that interest rates were rising