Home repossessions can reach 175,000 by 2012
By Nigel in Debt Advice on 4 August 2010
Welcome to my weekly blog and I hope you are all keeping well. This week, I’m going to look at a topic that is close to the heart of many people struggling with debt problems and that is the fear of losing their home.
According to an unpublished report, home repossessions in the UK could reach 175,000 by 2012. The report commissioned by the Department for Communities and Local Government last year, was compiled when the economy was in a much worse state than now.
The Council of Mortgage Lenders says that there were 47,700 repossessions last year. For this year, it’s predicting not more than 53,000 repossessions.
The drop in the figures can directly be attributed to the fact that the economy is rising from the recession. However the drop in the numbers predicted this year does not mean that repossession is not a serious problem. If 53,000 homes are taken back this year, it means that more than 1,000 households a week will be affected. This further means thousands of people will be left homeless and this by no means is a small figure.
If you are behind with your home loan, remember that by taking measures now you can ensure that your home remains safe. One measure that you should immediately take is to seek debt advice. If you are worried about further costs, there are a number of companies that will provide debt advice for free and it can throw light on the various debt management plans and debt solutions available that can help you get hold of your debt situation before it spirals out of control.
You can consult a number of debt management companies for free debt advice to study the range of options available. Based on the information you receive, you can then decide to opt for a debt management solution that best meets your circumstances.
