Wednesday, September 13, 2006

great britain / bubble world tour

rest der world tour

dank geht an

Thousands risk all for mortgages

Hundreds of thousands of people are failing to maintain mortgage payments and risk losing their homes, according to a national charity.

Some 770,000 people have missed one or more repayments in the past year, a Citizens Advice survey suggests.

The survey suggests two million people fear they cannot keep up with their monthly payments.

The survey showed that younger people are more likely to have missed a mortgage payment, with 13% of 21-24 year-olds surveyed said they had missed one or more mortgage payments in the last twelve mont

Local Citizens Advice Bureaux helped people to deal with 1.25 million debt problems last year

Case studies

A CAB in Gloucestershire saw a couple who had debts of nearly £300,000. Most of this amount was secured on their home, and the clients had remortgaged eight times (four times with the same lender). The clients had sought advice when they could no longer afford to make the repayments on the mortgage from the husband's self-employed income.

A CAB in County Durham saw a 54 year old woman who was finding it difficult to meet the repayments on a secured loan of £74,000 and other debts. She told the CAB that she had chosen the secured loan because she felt she could trust the celebrity who appeared on the TV advert for the loan company. The client did not understand the implications of the secured loan she had taken out - i.e. that if she did not meet the repayments she would lose her home.



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