Property Repossessed Every 11.2 Minutes!
Figures released by Credit Action today reveal that a property is repossessed in the UK every 11.2 minutes. That’s 128 individuals or families losing their home every single day in the UK as a result of financial difficulties and a subsequent inability to pay a mortgage. Repossessions under certain circumstances are, unfortunately, unavoidable owing to the fact that secured debts (such as mortgages) cannot be taken care of with a debt management plan, IVA or similar debt restructuring plan.
The other statistics released give a good indication as to the possible cause of this issue, with over 2000 people every single day finding themselves being made redundant in the UK and over 9000 contacting the Citizens Advice Bureau in regard to debt. 1000 seek some sort of formal debt restructuring plan every single day.
The figures are pretty depressing entering the New Year, but there’s good news too. The rise in the rate of unemployment, though it does continue, is slowing down. The recession is expected to have formally ended during the final quarter of 2009 (something that will hopefully be confirmed soon) and the economy is expected to begin a very slow recovery. While it will be a long time before we are enjoying the financial boom of the early 2000s, things are certainly looking up.
This, however, will be little consolation for those whose homes have been repossessed as a result of personal debt or financial difficulties.