The number of people having their properties repossessed has jumped by 30 % at the same time as the number of insolvencies has increased according to official figures released today.
The Insolvency Service revealed there were 26,956 individual insolvencies in England and Wales in the second quarter of 2007, a rise of 4.2 per cent on the same period in 2006. This was made up of 16,258 bankruptcies and 10,698 individual voluntary arrangements (IVAs).
And the Council of Mortgage Lenders revealed an estimated 14,000 people’s properties were repossessed in the first six months of this year, a 30% increase on the same time last year.
Chiltern’s Joanne Gill says: “These figures both show that the five interest rate rises we’ve seen recently are taking effect.
“More people are struggling to make ends meet as they find they have less and less money in their pockets each month.
“If people are having difficulty paying their mortgage they should contact their mortgage provider sooner rather than later as there are a number of options available to people in financial difficulty who act early on.
“If you start to find that your credit commitments are becoming harder and harder to service, It’s time to seek impartial, professional advice
