One repossession every 14.6 seconds

07/11/2011

Four homes are repossessed in Britain every single minute, according to figures released by Credit Action.

A mortgage lender repossesses a home once every 14.6 seconds, 197 mortgage possession claims are issued every day, and 154 mortgage possession orders are also issued.

These worryingly high figures can be reduced if consumers take appropriate steps to get in contact with their mortgage provider prior to repossession orders being filed. A debt management plan or an IVA can also be a useful method of dealing with debts to ensure that the mortgage provider does not need to take steps towards repossession.

Credit Action highlighted that 1,644 people are made redundant every day, one of the major reasons behind mortgage arrears.

Despite the frequency of repossessions per minute, overall, the number of repossessions carried out by first charge mortgage lenders was seven per cent lower in the first six months of 2011than the same period last year, according to the Council of Mortgage Lenders.

Tags; Current UK Economy, Housing Debt and Bills,

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