Photo Caption: Petal Hall, JN Group Sales Executive

Debt consolidation turned things around for co-mortgagors

Sometimes taking a break, decluttering or reevaluating priorities will help people get their life back on track. But for one couple that was drowning in financial debt and having challenges with their mortgage repayments seven years ago, a debt consolidation mortgage arrangement, through JN Bank, was what helped them to bounce back.

In 2017, *Gloria and *Winston Jones were in desperate need of help to clear their debt because their situation was “really bad”. After encountering roadblocks in the market, they said JN Bank provided them with the life-changing debt refinancing solution.

A debt consolidation mortgage allows people to borrow more than they owe on their current mortgage and use the difference to pay off other debts, including car loans, student loans and credit cards.

“Out of a depressingly dark hole, JN found a way,” said Mr Jones, a long standing JN member.

Mrs Jones explained that: “In 2017, JN worked with us, and in 2018 we got that breakthrough. JN gave us that lifeline we needed to bring us back on our feet.”

Mrs Jones said JN Bank was able to use the equity in their St. Andrew home to provide them with the loan to clear all the other debts that were preventing them from actualising their goals.

“JN gave us our life back and we will forever sing its praises. JN Bank has now become the mortgagee for our home because of the consolidation,” she said.

“The loan officer was able to walk us through the process and that personal touch she put into her work was really amazing. We still call her for everything,” she added.

She said the consolidation gave them some breathing room in their mortgage payments, which is done monthly through salary deduction. “Paying the mortgage is easy because we don’t have to be worrying about those other little things. My salary goes to my JN account and it comes out of that each month,” she noted.

The couple has also been able to grow their savings and carry out home improvements.

“We’ve been able to refurbish our kitchen and we’ve since upgraded our master bathroom. We also have other investments now. We also have a child at university, and we have no issues paying the school fee. When I say the lifeline was thrown to us by JN, I can’t express it any other way other than to say we are experiencing life,” Mrs Jones shared.

Mrs Jones noted that the support they received not only helped her and her husband to reclaim control of their situation but also improved their creditworthiness and allowed them to qualify for other financial services.

“We have a line of credit now and other loans that we were able to access because of us paying our loans properly,” Mrs Jones said.

Petal Hall, JN Group Sales Executive, who helped initiate the relationship between JN Bank and the Jones’ back in 2017, said JN has long been committed to putting people first and enriching customer experiences.

“For a century and a half, JN has been assisting Jamaicans of all walks of life to achieve their goals and to build and realise generational wealth. We are about membership and duty to Jamaicans wherever they reside,” she said.

*Names changed to protect the identity of individuals.