The risks of financial uncertainty
Janka and Peter Beník always dreamt of having their own home, somewhere they could grow old together. One day, on an impulse, they decided to turn their dream into reality – without properly thinking through the financial consequences and risks. The couple soon found themselves in a serious predicament that completely threw things off course for them. Yet, at the same time, the crisis led to a change of direction in their lives, one that they ultimately wouldn't regret.
Full steam ahead into financial disaster
When the Beníks decided to build their house, they were both over 40 years old. They had to sell the three-room flat where they had lived for many years. They were able to secure a loan, but the amount borrowed didn't cover all of the costs involved. "Without having properly planned it, we had to take out further loans, and this had an enormous impact on our daily lives. We are the kind of people who take our financial commitments very seriously and this meant that every cent we earned went into paying back our debts", Janka explains. They often found that they didn't have enough money to cover their basic living costs and had to ask for help from their children.
A new start thanks to financial advice
As their situation became increasingly hopeless, Janka and Peter decided, on the advice of a friend, to ask OVB advisor Ms Urbašíková for advice. Thanks to her expertise, the family were able to halve their monthly instalments by making some adjustments to their repayment schedule. "It was like a huge weight being lifted from our shoulders. Finally we could go back to leading normal lives, we could stop asking our children for help and could finally afford to go out to a restaurant now and then, or take a holiday." Financial uncertainty had almost driven the Beníks into bankruptcy. "Before taking Ms Urbašíková's advice, we had no idea that it would be possible to reduce our repayments; that wasn't something the staff at the bank had ever mentioned, of course", Janka tells us. The advisor not only helped Janka and Peter to bring down their monthly costs but also showed them how to deal with their savings in a more responsible way and how to make sensible investments. "She completely changed the way we view our finances", says Peter.