STATE ADVANCES LOANS

Poverty Bay Herald, Volume LIX, Issue 17919, 25 October 1932, Page 8

STATE ADVANCES LOANS

ARREARS OF PAYMENTS NEW COLLECTION SCHEME (Parliamentary Reporter.) WELLINGTON, this day. In order to assist mortgagors who have been unable to keep up their regular payments on account of economic conditions, the State Advances Department has made arrangements for those who are iiuancially embarrassed to make weekly payments of principal and interest. It lias been found that many mortgagors have been getting behind with their payments, and it is considered that these people would have a better opportunity of keeping up to date if they were given an opportunity of meeting their obligations in small and regular instalments. Mortgagors whose annual obligation amounts to £52 will be permitted to pay this 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 meantime, weekly payments are to be made through the Post'Office. Arrangements are being completed for the appointment of collectors, as lias been done in Auckland. Collectors will call on the mortgagors for their weekly payments. It is hoped as a result of the new system that the department will have less difficulty in getting in payments due to it.