BY INSTALMENTS

Hokitika Guardian, 26 October 1932, Page 6

BY INSTALMENTS

NEW PLAN TO HELP MORTGAGORS WELLINGTON, October 25. In order to assist mortgagors who have been unable keep up their regular payments bn account of the economic; conditions, th e Stat e Ad-y-anebs Ho pa rtmerit has ihade arrangements for those '.who are '■’financially, embarrassed to make weekly .payments' of principal and 'interest. It has- been found that many mortgagors hav e been getting behind 'with P'-ieir payments, and it 'is considered that thesn people would have a betteropportunity of keeping tip to datp if they were given a chance of meeting their obligations in small and regular instalments.

Mortgagors whose annual obligations 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 ehpwing the position of the mortgagor. If it is fohrid that the mortgagor lias be'en able to keep bp with his payments <he will b e .allowed the usual rebate. In the meantime the weekly payments are to be made through tin* post offices. Arrangeiiients are being ' completed for the appointment of collector?, as has been dUne' in .Auckland. The collectors w : ll call on., mortgagors for their .weekly payments. It is hopedthat as a result of the new system the department will have lets difficulty i n getting in the payments due to it.