Which? issues warning after home repossessions rise by Finance News Bulletin

Published: 20/03/07

The figure of home repossessions by lenders has risen sharply, according to the Department for Constitutional Affairsinformation for the three months leading up to September 2005 show 19,687 house repossession instructions made in the county courts in England and WalesConsumer group Which credited the rise to the economic slowdown making mortgages more luxurious, as well as high levels of personal debt in the shape of personal and homeowner loans, which makes it more difficult for populace to make repayments

Speaking on the Channel Four Evening News programme, Mick McAteer, older policy advisor at Which, warned that many populace in the UK will not be able to sustain any further economic slump"Their individual finances are stretched to the limit because they are mortgaged to the hilt and they have evidence levels of unsecured debt as well," he saidHe also called for free access to legal and monetary advice for people facing spiralling debt evils and the imminent shock of losing their homes

MoneyExpert Limited is authorised and keeping pace by the Financial Services Authority (FSA register No 301654) The Financial Services Authority does not regulate some forms of mortgage agreement, credit cards, personal loans,

Visit original article: