Struggling with Mortgage Arrears?

By January 14, 2012House Repossession

UK repossessions set to riseNationwide charity, Credit Action, have just released their statistics report for the third quarter of 2011, which shows that each 24 hours in the UK sees 101 homes repossessed.

Across the country, every day sees 193 repossession claims and 153 repossession orders issued. CEO of Credit Action, Michelle Highman, believes these statistics serve to highlight the depth of the financial difficulties facing the population and serve to underline the vulnerability of ordinary people in the current downturn. Ms Highman, who previously worked at the Financial Services Authority and the Personal Investment Authority, recommends the charity’s Spendometer tool, which has already helped over 40,000 to:

  • Set budget limits
  • See their ‘spending speed’ – how much, money has been spent so far in a given week or month
  • Log spending in under 10 seconds;
  • Set a special “going out” function to help to limit overspending on a night out.

 

If you find yourself struggling with mortgage arrears, of course, there’s not much comfort to be found in these statistics – the fact that you are not alone in your difficulties doesn’t make those difficulties go away!  However, there are lots of companies in the UK – online as well as on the high street – that have been set up specifically to help.  There are also plenty of buyers around looking for quick property sales, for redevelopment or to rent back to the current house owner – even if you eventually decide not to go down this route, it’s certainly worth investigating.  However, before you begin your investigations, you need to find out the correct market value of your home – not an estate agent’s inflated opinion but the true value according to the Royal Institution of Chartered Surveyors (RICS).

There is no point in sugar coating the depth of the current economic gloom – times are tough and likely to get tougher – but if you arm yourself with good information and investigate the tools available to help you will be prepared for whatever 2012 might bring.