Repossession Warning

It has been revealed by the Council of Mortgage lenders that there was a drop in repossessions. However, the number of repossession cases is expected to be on the rise in the next year. The Consumer Credit Counselling Service registered many borrowers who had their repossession orders suspended, lenders who delayed enforcement of orders even though borrowers couldn’t make their monthly repayments ordered by the courts.

The national charity ascribes this to the current environment on the housing market and supposes that lenders would not show such tolerance to borrowers if the financial recovery continues.

Furthermore, changes to the Government’s Support for Mortgage Interest scheme, which will come into effect in October, will inevitably result in more mortgage arrears.

Lastly, CCCS chairman, Malcolm Hurlston, indicates that lenders are now less inclined to allow borrowers to switch to interest-only mortgages it order to give them time for reorganizing their household finances.
 


Articles

The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.