May, 2007 News:
The Telegraph reports today that almost a million households will face court action over their debts this year.
The number of county court judgements served against people for debt issues is close to reaching a ten year high this year, according to figures from the Registry Trust.
Proposed changes to the legal aid system may mean that solicitors will be reluctant to take on cases for clients who are threatened by repossession.
Greenwich Housing Rights, a charity which provides free legal advice for people with housing problems, has expressed concern that new government legislation will mean that solicitors will be reluctant to take […]
According to new research, many people underestimate the length of time it takes to sell their house.
48% of those surveyed thought that they would be able to sell their house relatively quickly within three months.
The number of complaints to the Ombudsman for Estate Agents (OEA) rose by 41% to a total of 8,472 in 2006.
As a result, 586 cases were referred for formal review and resolution. 18% more than in 2005, though the largest number of complaints to the OEA occurred in 2002.
Recent interest rate rises have added an extra £15 a month to the cost of a £100,000 repayment mortgage, and have increased the risk of debt and repossession for many householders.
It is very easy to get into troubles with mortgage repayments, especially as so many people borrow up to the hilt to get the house […]
For the first time, the amount of money owed by UK consumers has reached £1 trillion The Bank of England says that consumers owe more then £1,000 billion on loans, credit cards and mortgages.
The Bank of England says that around 80% of personal debt is secured against homes, which raises the risk of repossessions for […]
If you find yourself in severe financial troubles, the only solution to the problems may well be to sell your assets. For most people, the main asset of any significant value will be a house or flat.
When this property is your family home, this can be a very difficult decision to have to make. The […]
According to analysis from Experian, further interest rate rises, combined with a March’s rise in consumer price inflation to 3.1%, could lead to an increase in bad debt and repossessions.
According to Experian’s MD of economic forecasting, DR Neil Blake:
Not only will interest rate increases have a dampening impact on economic growth and inflation but there […]