Redundancy can increase repossession risk

Wed, 30 Nov 2011

The chances that a person's home might be repossessed are likely to increase significantly should they be made redundant or no longer be able to work.

This has been illustrated with the example of a man in Swindon who was forced to move from his property after an industrial accident meant he could not carry out his job anymore.

Ian Hall staged a three-hour siege at his house in Purton as it was due to be repossessed, the Swindon Advertiser reports.

He and a friend refused to leave the premises when a bailiff arrived to collect the keys, claiming they would prefer to see the building burnt down than taken into possession.

Amy Rudman, defending Mr Hall in court, said her client was "trying to make his stand" by refusing to move.

Ms Rudman explained Mr Hall believed he should have been given more help to prevent the need for repossession and was later sorry for the way he had acted.

The news comes after credit analyst at Standard and Poor's Mark Boyce suggested repossession rates throughout the UK could rise as a result of increasing interest rates .

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