A Scottish mansion has been repossessed proving that even those with access to millions can develop debt problems.
The 17th-century mansion in Fife, Scotland, was built in 1697 for the 1st Earl of Melville and has 11 bedrooms, seven reception rooms, a cricket pitch, stables and a tennis court. Unfortunately it doesn’t have a cash machine though to pay the mortgage!
Melville House was originally put on the market in 2003 for £4.5m but it didn’t have any takers at that price, and when the owner ran into financial difficulty it was repossessed.
It is apparently the most expensive repossessed property in Britain.
The owner would have done well to seek impartial debt advice from a reputable company like Hamilton Locke, The Debt People or Chiltern. They may have been able to help him avoid repossession, if the debt problems were due to unsecured balances, by ensuring unsecured debt scould be repaid at a more affordable level – whilst ring-fencing an allowance for secured payments so they could be maintained.
For further information on debt solutions such as an IVA (Individual Voluntary Arrangement), Debt Management Plan or Trust Deed, please call the number at the top of this page. The debt advice you receive will be free and could help you get out of debt quicker.
