Bridgetown.
The number of people defauling on loans in Barbados are on the increase, says Winston Inniss senior manager at Globe Finance Inc.
Inniss told Trakker News both businesses and indivduals were struggling to keep up payments and Global Finance are seeking creative ways to help them over these hurdles.
"There has been an increase in delinquencies in the last 18 months, we are not too worried as yet. If the larger accounts become delinquent they can cause problems. A lot of emphasis is placed on controlling these accounts", Inniss said.
"A lot of people are being laid off and hours are being cut among another things.So obviously their income would be reduced, we have to work with them. It is not just a case of going after them and foreclosing ", he added.
"Business loans are the same thing, we know a lot of businesses are suffering. So instead of just going after security, we are working a lot with them to see how we can restructure in any way possible", says Inniss.
Globe Finance Inc, is jointly owned by Sagicor Life Inc, Sagicor General Insurance Inc and Goddard Enterprises Limited., it offer a wide range of vechicle financing, investments and loans.
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