Repossessions rise

The Citizens Advice Bureau has revelaed that they are now dealing with 325 cases of mortgage arrears every working day and offers advice on how people facing repossession should respond.

CAB says it is not just the sharp rise is repossessions that is worrying, but the matching rise in the number of repossessed properties that remain unsold.

As a result, many of those who lose their homes continue to rack up more substantial debt as they are liable for interest and other charges until the property is sold. If the property is also in negative equity the result is that people have lost their homes and still owe tens of thousands of pounds.

Nationally the CAB has seen 35% more mortgage and secured loan arrears problems in the 12 months to the end of September, compared with the previous period and the figures for the quarter July to September 2008 show a 51% increase over the same period last year.

Their advice to people struggling with their mortgage can be read at:

http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_20080815.htm