Friday, Aug 14, 2009
Shelter Predicts Second Repo Wave
BBC: 'Second wave' repossession threat
"Homeless charity Shelter is fearing a second wave of home repossessions, especially when interest rates rise. It said that rising unemployment would add to the risk of homeowners being unable to make their regular mortgage repayments in the coming months."
Posted by phdinbubbles @ 07:11 AM (976 views) Add Comment
12 Comments
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1. paul said...
I wonder if they will feature Sayara Begg again:
Debt diary: Repossession threat
With the birth of her second child a matter of weeks away, Sayara's property is threatened with repossession.
But then a little later on, she tells us ...
Mortgage Express, which has the mortgage on the buy-to-let property I have up for sale, has threatened repossession unless I pay back the arrears.
2. mark wadsworth said...
Shelter isn't really a charity any more, it's a fakcharity, as it gets £12 million a year from the government to campaign for things that the government wants them to campaign for.
3. inbreda said...
would love to know what happened to her. The diary entries seem to get a little vague and never seem to reach a conclusion
4. george monsoon said...
I found this http://www.bbc.co.uk/radio4/youandyours/items/01/2008_25_mon.shtml
But I have no Audio at work.
5. paul said...
I want to know if she successfully sued her ex company (where she worked as a contractor - not an actual employee) for 'sex discrimination'.
6. 51ck-6-51x said...
Well here are some later entries.
7. 51ck-6-51x said...
OK, so the last entry is entry 25, this follow up a few months later which is the end of it I think.
"""
The arrears built up in 2006 are nearly paid off.
But it will not take much to push her back into the danger zone, particularly now the restaurant business - the root of her financial over-extension - is in liquidation.
Not forgetting that her credit rating has been shot to pieces.
"I face having this debt hang over me for the next decade.
"The chief lesson is that debt means a loss of independence. It is necessary to borrow if you want to invest, but if things go wrong, then you are very much on your own.
"As things stand, I can't take time out of work to be with my child or to have another baby.
"I am in a quandary. Should I ever take financial risk again, with the chances that I may suffer a change of circumstances that my average male counterpart would not?"
"""
8. 51ck-6-51x said...
erm, sorry let me post the links again...
Last diary entries.
Follow up.
9. little professor said...
She got saved thanks to the BBC. HBOS got in touch after reading the diaries on the bbc site and sorted it out for PR reasons:
Apparently after reading my diary, HBOS, the parent company of Halifax and Birmingham Midshires, both companies I owe money too, get in touch.
I get a call from HBOS's Head of Specialist Secured Collections. She offers to help out.
She explains how there is no common policy or procedure across the different brands to deal with my request, but HBOS, as the parent company, can help out. She offers to freeze my interest payments until January and even to refund my charges. I am delighted.
10. timmy t said...
Nequity, Qeasing, Repowave... is there no end to the barrage of new economic terminology coming out of this roller coaster ride?
11. Karma4all said...
I do wonder what problems we're creating for the future by re-adjusting attitudes to debt with a softly softly rescue the reckless approach.
I've generally been risk averse after seeing the effects of negative equitity in the last cycle.
I'm now thinking it's all out next time round, we now have airbags!
12. paul said...
The fact that she was saved as a direct consequence of the BBC's invervention should be a source of embarassment for the BBC, but no they probably think they've done a public service by preventing the repossession of her buy to let property.
All the more reason why people shouldn't pay their licesnse fee.