On This Morning!
Debtwizard Facebook Debtwizard Twitter

Call 03339 870 180  
(Mon to Friday 8.45am - 5pm)
Simple debt advice - with no up-front costs



Blogs

House repossession figures up 50%

The rise in home repossessions are worrying  through a lot of reasons, one is that the CML only record first charge holders, they do not include secured loan companies that are second or third charge holders, they also have no idea how many homes have been sold on the sale and rent back scheme.

Sale and rent back is where the current property owner sells the property to another person or firm to prevent the home being repossessed. After the sale the seller then usually remains in the property, albeit being owned by someone else, and pays rent, so in effect becomes a tenant.

It is estimated by the Financial Services Authority (FSA) that some 50,000 of these homes have been sold under this scheme over the past 'few' years and I believe that about 20,000 to 25,000 of these have been sold during 2008 alone.

Read more: Worrying times for home owners - update re bankruptcy fees

 

Just finished another great show with John Hayes at BBC Essex, we discussed the unemployment figures and what people that are suddenly out of a job need to do, such as completing a budget form, telling your family and friends you've lost your job.

I also went through the organisations that someone can contact when they're worried about meeting mortgage repayments. A useful website is direct.gov.uk as the government explains all the mortgage rescue schemes, although not many have taken them up, last I heard only 3 have out of the 6,000 or so it is aimed at. The government really needs to get something more constructive and for a wider audience, something like half a million!

Then we covered debt consolidation loans, the key points and the advantages and disadvantages. If you missed it you can listen to the show again on our media player.

Read more: Shocking phone call

 

I have a client that was being perused for over £7000, and as a great start to the week - Max Recovery instructed Eversheds (their solicitors) to withdraw and no longer pursue my client for the debt!

Without giving away too much, a young mother suffered financial difficulties when her 4 year old son became ill; his care needs meant the father gave up work to become his full time carer. This dramatic loss of income was addition to a failed business venture of hers as a result of 9/11.

She was advised by another firm that her only option was to go bankrupt. Although there are only two creditors (Max Recovery and LloydsTSB), I felt their actions were morally wrong and only adding to the pressures of an already very stressed family.

Read more: Max Recovery Limited demonstrates immense compassion

 

Just finished a show with John Hayes at BBC Radio Essex. Was a good show, and John always makes me feel welcome. We went through the options available to those in debt and discussed the ever spiralling insolvency figures. Catch it on BBC iPlayer (it was on Drivetime just after 6pm, Wednesday 6th May).

My support team are getting forever busier. One client was called 16 times today by just one of their creditors (I wish I could tell you who, but let’s just say it’s a large high street lender). If that’s not harassment, then I don’t know what is. What makes these companies feel they can behave like this?

Read more: Watch out Gordon, I'm coming....

 

Been a frustrating day as the website is quite involved but will prove to be far easier to manage and update with articles.

Had a call today from another police officer who told me he is over secured on his property by the tune of around £54,000. He has a mortgage near 200,000 and a secured loan of £54,000 and we reckon the value of the property is around the £200,000 mark, so he is in negative, before selling costs of £55,000 and cannot afford to pay the mortgage and secured loan.

Read more: Police officer gets stiched up by loan company, or should it be the other way round?

 

RAPID DEBT HELP FORM

For no nonsense advice just submit the short form and Mike or one of his team will get back to you.


Unsecured debt

--Debt Amount--

Home owner

Yes No

No. of creditors

1

Current payments

£0 - £25

Affordable payments

£0 - £25

Forename

Surname

Email Address

Phone Number

Enquiry/Comment

Yes No Can we leave a voicemail

Yes No Can we contact you via SMS

Yes No Can we contact you via email

Best time to call

Today
ASAP

Please note: If you continue you are agreeing to our privacy policy, available here.