Repossessions Increased by Debt

Tue, 28 Jun 2011

Debt is affecting levels of repossession throughout the country.

Campbell Robb, the Shelter chief executive, stated that many homeowners struggling with financial pressures are about to have their home repossessed .

The pressure of high inflation, higher cost of living and frozen wages is impacting households.

Shelter named Corby in Northamptonshire as the worst repossession hotspot, with West Dorset coming in as the best, where just 35 homes were repossessed.

345 families in Coventry lost their homes in the last 12 months; Coventry is the 101st worse place for repossessions with Nuneaton and Bedworth coming in at number 30.

Debt leading to repossession, causing homelessness is a spiral which can happen very easily.

Once interest rates do rise as predicted in the near future, debt will affect many more thousands of homeowners throughout the country.

Council of Mortgage Lenders figures forecast that there are going to be 45,000 repossessions during 2012.

Should you be a homeowner struggling with your finances it is imperative to seek help from your mortgage lender, debt advice agencies or a debt specialist.

The research highlighted that the south of the UK did better than the north, with areas of high unemployment having experienced more repossessions.

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