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Help For Those Facing Repossession

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Help for those facing repossession

Recommendations from an independent working group advising on further help to homeowners facing repossession are to be taken forward by Scottish Ministers.

The Repossessions Working Group was set up in January 2009 with membership drawn from lawyers, mortgage lenders, debt advisers, and consumer interests.

The group was asked to consider whether existing legal protection for homeowners is adequate and, if necessary, to make recommendations on how it might be strengthened.

Chaired by the advocate, Adrian Stalker the group's main recommendations include:

* Legislation to ensure that the protection available through the Mortgage Rights (Scotland) Act 2001 applies in all repossession cases, instead of just those where the home owner defends the action

* Legislation to require lenders to show that they have considered every reasonable alternative to repossession, and to ensure that the courts consider the extent to which they have done so when deciding on repossessions cases

Cabinet Secretary for Health and Wellbeing Nicola Sturgeon said:

"With Scotland bearing the brunt of a global economic downturn house repossessions are causing misery for many Scottish families.

"That's why we moved quickly, and set up this group asking specifically for recommendations that would help alleviate the distress caused by the threat to of repossession.

"We will now take forward the group's recommendations to assist homeowners facing the threat of repossession.

"I would like to thank Adrian and his colleagues for preparing such a thorough, detailed and thought-provoking report."

Like what the fvck is that supposed to mean? I live in Scotland, and have lived in several countries outside of the UK, but what kind of loopy government makes statements like this? How is it that a tiny country of five million is bearing the brunt of the world economic downturn?

Maybe this delusional line of thought is more prevalent than I first reckoned. I know of my fellow Aberdonian's delusions, as do all of you, but wowsa.

Moving on...how do the majority English taxpayer feel about supporting the broken Scottish economy and bailing out folks in mortgage distress?

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They appear to be proposing to put legal barriers in the way of lenders trying to repo a property.

If they do so, the result will be more stringent criteria, bigger deposits and higher IRs for lending mortgages in the first place. Should help the HPC along nicely...

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They appear to be proposing to put legal barriers in the way of lenders trying to repo a property.

If they do so, the result will be more stringent criteria, bigger deposits and higher IRs for lending mortgages in the first place. Should help the HPC along nicely...

Wouldn't that be a HACBHHHYSCHOC* rather than a HPC?

* Houses are cheap, but - ha-ha-ha - you still can't have one crash

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Help for those facing repossession

Like what the fvck is that supposed to mean? I live in Scotland, and have lived in several countries outside of the UK, but what kind of loopy government makes statements like this? How is it that a tiny country of five million is bearing the brunt of the world economic downturn?

Maybe this delusional line of thought is more prevalent than I first reckoned. I know of my fellow Aberdonian's delusions, as do all of you, but wowsa.

Moving on...how do the majority English taxpayer feel about supporting the broken Scottish economy and bailing out folks in mortgage distress?

I'm fae Aberdeen, born 'un bred but fu@k that, at least the law of unintended consequences will kick in nicely on that one - "hello mister feckless, you'd like to borrow £x, well the law has just been changed so that if we agree a contractual arrangement the parts of that which provide me with security will not apply", "Mmm, I think I'll pass on this one, thanks all the same"

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They appear to be proposing to put legal barriers in the way of lenders trying to repo a property.

If they do so, the result will be more stringent criteria, bigger deposits and higher IRs for lending mortgages in the first place. Should help the HPC along nicely...

Not really, because the banks never expect to get the money back in the first place. They are in perpetual insolvency, they are only in it for the cashflow and remember they have limited liability for when prices fall.

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