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Recovering from a blunder

Posted on March 27, 2018 by admin

Mistakes happen all the time, and although they can be embarrassing, you can recover from them.

Whether the mistake was minor or costly, handling the error with professionalism can save your dignity and credibility. Next time you forget to hit send on that important email, rest assured you can recover quickly by adopting the following tips:

Gain some perspective
It is only natural to feel ashamed or distressed when you make a mistake at work but looking at the mistake in a broader context can help you let go of these negative emotions. Most mistakes, unless they are life-threatening, can be corrected so forgive yourself and move on. Instead of wallowing, look at ways to rectify your mistake immediately.

Acknowledge and apologise
If your mistake has affected someone else or negatively impacted the business, acknowledge your wrong doings and apologise. Admitting you made the mistake shows self-awareness, responsibility and accountability. Try to avoid justifying your actions or over-apologising.

Restore trust
The best way to show you care about what has happened is by learning from it and ensuring it does not happen again. Correct the mistake as soon as you can and evaluate what you can do differently next time. If you continue to deliver great work, more often than not your mistake will be forgotten about.

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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