Calls to halt rise in repossessions
Calls to halt rise in repossessions
Friday 17th October 2008
Some 19,000 homes were repossessed in the first half of 2008 and Northern Rock has been singled out for criticism by the charity Credit Action.
Chris Tapp, director of the charity, has said the bank is treating its customers harshly because of its eagerness to repay taxpayers' money after it was nationalised by the government in February.
"As soon as people fall behind, they have moved to start repossession proceedings. We are not talking about people who are trying to avoid paying, but people who are struggling in the short term," he told the Press Association.
The average mortgage arrears among Northern Rock customers has increased by around 60 per cent during the last three months.
Northern Rock chairman Ron Sandler has since denied claims that the bank has been overly aggressive in terms of repossessions.
Some 45,000 properties will be repossessed this year, the Council of Mortgage Lenders recently predicted.
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