New Laws Change Bailiffs’ Tactics
In effect from 6th April, 2014, changes to the Tribunals, Courts and Enforcement Act, 2007, will change the way in which bailiffs can enforce the repayment of debts. If you are dealing with creditor contact, which may have led to bailiff enforcement, there are some new rules that you should know about. Steven Emerson, director… Continue reading..
Managing Mortgage Arrears
How Mortgage Lenders Manage Mortgage Arrears There Are Set Rules Which Mortgage Lenders Must Adhere To When Dealing With Mortgage Arrears Mortgage lenders often manage mortgage arrears entirely in-house, or use a combination of in-house staff and external staff. There are only a very small amount of mortgage lenders who fully outsource their mortgage arrears… Continue reading..
Negative Equity Fears for 2 Million
Falling house prices and an unstable housing market means that up to 2 million borrowers could be facing negative equity by 2010, according to predictions by analysts Standard & Poor. There are currently 335,000 home owners who owe more on the secured debts against their home, such as a mortgage, over the value of the… Continue reading..
Repossession & Mortgage Arrears Hit UK Families
Repossession figures have been released to show a 12% increase in the number of repossessions during the past three months, according to the Council of Mortgage Lenders (CML). Worryingly this means that 125 families a day are having their homes seized by mortgage lenders, due to higher mortgage costs, falling house prices and a shrinking… Continue reading..
Third of Tenants in Rent Arrears
A third of tenants have missed rent payments which could be partly responsible for the rise in repossession cases, according to he National Landlords Association (NLA). Tenants struggling with rent arrears could mean that landlords are forced to miss mortgage payments. Worryingly 44% of landlords have reported cases of missed rental payments from tenants over… Continue reading..
Government to close repossession loophole
For a while, there’s been a loophole which has allowed lenders to repossess people’s homes without having to take them to court. Finally, the Government has made an announcement that there are plans to close this legal loophole and offer better protection to homeowners facing mounting debt. At present, a lender is fully entitled to… Continue reading..
Drop in Forecast Reposessions
At one stage, the Council of Mortgage Lenders anticipated that there would be 75,000 repossessions in the UK during 2009. Then the forecast was reined in by 10,000 repossessions by June of this year, to 65,000. Of course, while still no fairytale, this was taken as a very positive sign for those facing spiralling debt… Continue reading..
Debt Management for Priority Debt
If you have multiple debts which you are struggling to make payments to, it is important that you know which ones to tackle first, as the creditor which may shout the loudest should not always be the one which you pay. Debt Management for Prority Debt is one of the most important things. Priority debts… Continue reading..
FAQs – Repossessions
How can I sell my house quickly? Try to find a cash buyer for the property. These types of buyers, or first time buyers, have proved to be more reliable. Give cash buyers 2-3 weeks and give first time buyers 6-8 weeks to secure the property. 2. How do I delay a repossession? There are… Continue reading..
Repossessions ‘To Soar’ in 2009
A bleak 2009 could be on the horizon for many homeowners, as homeless charity Crisis predict that more will have to face the possibility of repossession. The charity has warned that nearly 10% of homeowners are struggling to keep up with their mortgage or rent payments, and this figure is set for an increase if… Continue reading..
Government Help with Mortgage Arrears
There is going to be additional Government help with mortgage arrears, as plans for Government help with mortgage arrears are announced. The Government hope that their new plans will help families who are struggling to meet their mortgage commitments, are falling into mortgage arrears and could potentially face losing their home to repossession. So far… Continue reading..
75,000 House Repossessions in 2009
The number of repossessions during 2008 has been increasing month on month, and the Council of Mortgage Lenders (CML) report for the thrid quarter of 2008 shows that there has been a total of 30,200 house repossessions so far this year. The figures detailed in the CML document becomes increasingly shocking when it is compared… Continue reading..
Negative Equity Fears for Millions
Almost 1.2 million UK homeowners could be facing negative equity if house prices continue to fall at the rate they are currently doing. UK mortgage borrowers are facing the risk of negative equity and higher mortgage payments. The Bank of England’s Financial Stability Report (FSR) reports one in 10 homeowners could be left with their… Continue reading..
Change to Law could Increase Repossession
This new change to repossession law, contained in the Tribunals, Courts and Enforcement Act 2007, could allow creditors to speed up the repossession process. As this change will cut the time needed for creditors to pursue a repossession claim against a borrower who finds themselves with mortgage arrears and debt problems. The current repossession law means… Continue reading..
‘Keeping up with the Joneses’ leading to Repossession Risk
Those people who try to ‘keep up with the Joneses’ could be facing a middle class repossession risk, as those living in wealthy parts of the country are finding increasing financial pressure due to large amount of debt which has been borrowed to keep up with their peers. Chairman of the east Kent branch of… Continue reading..
Repossession: Courts Struggle to Cope
It seems that courts are unable to cope with the rising number of court orders leading many other hearings to be delayed, according to consumer lawyer Andrew Leakey. Although courts in Bolton say they are coping with the number of repossession cases, it is true to say that the number of repossessions has increased. In… Continue reading..