Amid widespread economic growth in the UK, consumer confidence has reached record breaking levels in recent times. More specifically, rising earnings have afforded households greater job security and inflated their disposable income levels, despite suggestions by Deloitte that individuals continue to spend outside of their financial means. The fact that borrowing has increased while the level of savings dwindle is a cause for concern, however, especially as the global economy continues to recover tentatively.
Why you should keep in touch with your Lender
The rise in lending creates the need for responsible borrowing, however, and there are several key elements to this. One of the most important is the need to maintain contact with lenders at all times, especially during times of difficulty. Here are the three most compelling reasons to sustain open lines of communication with your lender: –
- Remain informed about your Debt
Communication is a two-way street, which means that you can remain in touch with lenders to secure potentially vital information regarding your account and debt liability. This is crucial, as it enables you to maintain an informed overview and plan your future repayments. It is also important to note that lenders are capable of making considerable errors when managing your account, meaning that additional charges may be added by mistake to inflate your monthly repayments. These errors can be spotted through regular communication and subsequently dealt with a quick and efficient manner.
- Obtain real-time updates
In the modern age, there are a number of remote and real-time communication methods to explore as a borrower. From SMS updates to the type of Twitter page, it has never been easier to raise queries with lenders and receive updates in real-time. This can be extremely important, especially if there are changes to your account that impacts on the method, rate or nature of your repayments. Wider company updates may also impact on your status as a borrower, so keeping in touch with lenders is worth its weight in gold.
- Earn respite during times of hardship
In instances where borrowers default on repayments, lenders are required to chase them and achieve a resolution. Their approach will differ depending on the borrower in question, however, as while those who avoid communication are treated harshly others that are honest and open will be given greater flexibility. While contemporary borrowers are protected by laws that have been passed in the wake of the great recession (which prevent lenders from hounding them), it is imperative that you develop a rapport with your lender and earn respite during times of fiscal hardship.