Financier's £11m property repossessed
Financier's £11m property repossessed
Monday 22nd September 2008
Dotcom entrepreneur Robert Bonnier bought the house in west London's upscale Holland Park last year.
However, Mr Bonnier has been unable to keep up repayments on the four loans he took out to fund the purchase.
As a result the property is now back on the market for £10 million.
Tim Blenkin, a Mayfair-based estate agent, said that Mr Bonnier's case is just one of many currently involving high-value properties in London.
He told the Times: "There are five potential repossessions in Mayfair this year, which is unheard of."
Consumers who are worried over their ability to make mortgage repayments are urged to approach a professional body for debt advice on possible debt management solutions, such as individual voluntary arrangements (IVAs).
IVAs can help stave off repossession because they prioritise mortgage repayments, thus giving borrowers more chance of keeping their home.
Would an IVA solve your debt problems?
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