One fifth face repossession

An industry figure has claimed around one-fifth of people face having their homes repossessed because they have borrowed too much to purchase them.

Frances Walker, a spokesperson for the Consumer Credit Counselling Service (CCCS), claims some people are looking at the prospect of losing their properties because they can no longer afford to repay the amount they borrowed.

When describing the increase in the number of calls her organisation has received she said: “What we are finding is about a fifth of the people have simply borrowed too much and it might have to be [that] you give up your house”.

Those who are struggling to repay their mortgage should prepare a budget to help manage monthly outgoings and organisations such as the CCCS and Credit Action can help them formulate a plan, Ms Walker added.

According to the Council of Mortgage Lenders, more than 27,100 homes have been repossessed so far this year, the highest figure recorded since 1999.

This entry was posted on 24/07/2008 at 09:41 am and is filed under Debt. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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