WEEKLY PAYMENTS.

Auckland Star, Volume LXIII, Issue 253, 25 October 1932, Page 5

WEEKLY PAYMENTS.

STATE'S MORTGAGORS.

NEW COLLECTING SYSTEM.

REBATE FOR REGULARITY.

(By Telegraph.—Parliamentary Reporter.)

WELLINGTON, this day

In order to assist mortgagors who have been unable to keep up their regular payments on ae'ount of economic conditions, the State Advances Department has made arrangements for those who are financially embarrassed to make weekly payments of principal and interest. It has been found that many mortgagors are falling behind with their payments and. it is considered that they would have better opportunity of keeping up to date if they- were given an opportunity of meeting" their obligations in small *n<l regular instalments;

Mortgagors whose annual obligation amounts to £52 will be permitted to pay thin off at the rate of £1 per week, and at six-monthly periods the Department will submit a statement showing the position of the mortgagor. If it is found that a mortgagor has been able to keep up with his payments he will be allowed the usual rebate.

In the meaiitimo weekly payments are to be made through post officce. Arrangements are being completed for the appointment of collectors, as has been dono in Auckland. The collectors will call oil mortgagors for their weekly payments. It i> hoped as a- result of the new system that the Department will have less difficulty iu getting in the payments, due to it.