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Property Repossession

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Whenever I see or read about a repossession it's a story of struggle over a long period with several stays and then the inevitable happens - the bailiff and locksmith arrive. The people always look strained and at the end of their tether - maybe they would have saved themselves much grief and anguish if they hadn't fought against it for so long.

I knew 2 people who after several years of dodging debt collectors, CCJs, etc they declared themselves bankrupt. It was a weight off their shoulders - no longer scared to answer the front door - the best thing that ever happened to them. I don't mean getting into debt but the shedding of the burden. Perhaps the CAB and others helping to fight against repossession aren't doing people any favours after all - just prolonging the agony?

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Whenever I see or read about a repossession it's a story of struggle over a long period with several stays and then the inevitable happens - the bailiff and locksmith arrive. The people always look strained and at the end of their tether - maybe they would have saved themselves much grief and anguish if they hadn't fought against it for so long.

I knew 2 people who after several years of dodging debt collectors, CCJs, etc they declared themselves bankrupt. It was a weight off their shoulders - no longer scared to answer the front door - the best thing that ever happened to them. I don't mean getting into debt but the shedding of the burden. Perhaps the CAB and others helping to fight against repossession aren't doing people any favours after all - just prolonging the agony?

Not a good thing at all if its your home. but sadly its a fact of life for some.

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A most excellent idea for any fool who borrowed far too much and thought the equity gained in HPI would ease their future debt problems. Thoroughly recommendable for these kind of idiots.

Edited by Jabberwocky

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A most excellent idea for any fool who borrowed far too much and thought the equity gained in HPI would ease their future debt problems. Thoroughly recommendable for these kind of idiots.

The ability to repossess a property lowers the cost of borrowing..if it was not available the loan is effectively unsecured.

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its a shame but required

What is better is the US system where it is supposed to keep lenders honest by only lending against the property this you can give the property back. However that is screwed since the government put everyone on the tab.

It s terrible to see people loosing their homes but then its worse that taxpayers should support those who do loose their homes or in any way suppporting the price of an asset which like water, food and heat is better cheaper.

Unless you live in a special ancient/one off home you can usually find another house and I support rental support for families loosing their homes due to redundancy.

Edited by Fromage Frais

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Whenever I see or read about a repossession it's a story of struggle over a long period with several stays and then the inevitable happens - the bailiff and locksmith arrive. The people always look strained and at the end of their tether - maybe they would have saved themselves much grief and anguish if they hadn't fought against it for so long.

I knew 2 people who after several years of dodging debt collectors, CCJs, etc they declared themselves bankrupt. It was a weight off their shoulders - no longer scared to answer the front door - the best thing that ever happened to them. I don't mean getting into debt but the shedding of the burden. Perhaps the CAB and others helping to fight against repossession aren't doing people any favours after all - just prolonging the agony?

Your posting just seems confused. Bankruptcy and re-possession are two entirely different things - the two are not necessarily related - one can be declared bankrupt but continue living in the same house, you can have your house repossessed and not be made bankrupt.

In my experience there are many mortgage possession cases which never proceed to enforcement.

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It's not about helping the degrenerates who lose the houses. It's about helping the banks and the MPs with their taxpayer funded property empires. Another side-benefit (from Labour's perspective) is keeping the rest of the population struggling with huge debts.

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repossessions and a property crash could be good thing this time if valuable lessons are learnt and the govt takes steps to prevent a bubble happening again in the future, then this country might stand a chance if not WELCOME TO 3RD WORLD BRITAIN

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Your posting just seems confused. Bankruptcy and re-possession are two entirely different things - the two are not necessarily related - one can be declared bankrupt but continue living in the same house, you can have your house repossessed and not be made bankrupt.

In my experience there are many mortgage possession cases which never proceed to enforcement.

Then comparison was to demonstrate the lifting of the burden and the relief it gave - not to associate bankruptcy with repossession. When the people I knew were declared bankrupt it was the end of a long hopeless struggle - I am suggesting respossession is a similar liberating event.

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Then comparison was to demonstrate the lifting of the burden and the relief it gave - not to associate bankruptcy with repossession. When the people I knew were declared bankrupt it was the end of a long hopeless struggle - I am suggesting respossession is a similar liberating event.

:huh:

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Then comparison was to demonstrate the lifting of the burden and the relief it gave - not to associate bankruptcy with repossession. When the people I knew were declared bankrupt it was the end of a long hopeless struggle - I am suggesting respossession is a similar liberating event.

That would be the Orwellian sense of 'liberating'.

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I can see repossession for someone who is struggling with the mortgage payment would be drawing a line under an intolerable situation - but there are currently some things wrong with the process in this country - it is too drawn out -(if a deed is to be done better it is done quickly) and only by going bankrupt can the mortgage holder avoid being pursued for the shortfall. :( It would help if a person could just 'hand back the keys', walk away from the house they cannot afford without the poor credit rating following them if they tried to get another mortgage or a rental property.

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