Figures reveal 71% rise in repossessions
Figures reveal 71% rise in repossessions
Tuesday 28th October 2008
A significant growth in repossessions since the third quarter of last year was noted by the regulator after consumers in debt struggled to cope with meeting their mortgage repayments.
Some 11,054 repossessions took place in the second quarter of 2008, compared to 6,476 in the corresponding three months of 2007, the FSA's mortgage lending data revealed.
The regulator also found that 312,000 mortgage loan accounts are in arrears, with the total value of outstanding payments facing borrowers £1.17 billion.
A report by the Independent this week advised that consumers should consider an individual voluntary arrangement (IVA) as soon as they find they have little or no money left each month after paying off essential bills.
"The advantage of an IVA is that it prevents you having to declare yourself bankrupt and may provide a way for you to keep certain the family home or car," the article said.
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