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bluenun

First Debt Repossession On Regional News

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They had a "debt special" story.

A couple in their late 40s / early 50s have just lost their house unable to meet mortgage repayments. 170K total debt, 50K on credit cards. She was in tears on camera, describing herself as "devastated" at the loss of their house.

Anyone else see this?

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They had a "debt special" story.

A couple in their late 40s / early 50s have just lost their house unable to meet mortgage repayments. 170K total debt, 50K on credit cards. She was in tears on camera, describing herself as "devastated" at the loss of their house.

Anyone else see this?

Not for 10 years or so ;) ssshhh...I have it on good authority that most lenders will be far less hostile than in the past (wait for Charlie to come by and de-bunk it :P ) Seriously these poor unfortunates must be very badly advised, most courts will give mortgagees every opportunity to re-pay..

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Guest Charlie The Tramp

(wait for Charlie to come by and de-bunk it :P )

Why would I do that. :)

According to my accountant who is also an Insolvency Practitioner he is dealing with a case where those very nice understanding lenders have agreed to extend a mortgage to a client from 25 to 40 years hoping to avoid repossessing the property, and making their payments more affordable. When you are losing £20 on every £100 you lend it makes sense to decrease your losses and make a little extra. ;)

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I saw this, they MEW'ed out, she went part-time and they were betting on her husband getting on the disability in order to cover the repayments, it didn't happen and she stayed part-time thus forcing them to live off credit cards, then the bubble finally burst and they're now living out of their car and at the Travel Lodge. It ended with a shot of a repo notice in the front window of their semi in Sutton Coldfield.

They also highlighted another 'victim', they sold off the house but still owe upwards of £120k in debts.

Not sure what they spunked it on, possibly holidays?

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Why would I do that. :)

According to my accountant who is also an Insolvency Practitioner he is dealing with a case where those very nice understanding lenders have agreed to extend a mortgage to a client from 25 to 40 years hoping to avoid repossessing the property, and making their payments more affordable. When you are losing £20 on every £100 you lend it makes sense to decrease your losses and make a little exra. ;)

Haha nice one Charlie ;) That bears up my understanding, no way we`ll get a return of the devestating repo. figures of the early 90`s, which has to be a blessing...

P.S. Have you got a bat signal or something? :blink:

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I saw this, they MEW'ed out, she went part-time and they were betting on her husband getting on the disability in order to cover the repayments, it didn't happen and she stayed part-time thus forcing them to live off credit cards, then the bubble finally burst and they're now living out of their car and at the Travel Lodge. It ended with a shot of a repo notice in the front window of their semi in Sutton Coldfield.

They also highlighted another 'victim', they sold off the house but still owe upwards of £120k in debts.

Not sure what they spunked it on, possibly holidays?

Yup, usless tat and holidays sounds about right.

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40 years? Wow, that's a huge favour. Why pay for a 8% car loan over 5 years when you can pay 5% over 25 years, and endure whatever events and interest rates that come and go in the intervening years.

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These consumer glutons types will be the first level of 'victims'. Nobody will have much sympathy for them I guess. But the second phase will be the start of the true victims (young families who have overstretched themselves to get on the ladder and provide for their young one whilst both working). This kind of thing will be national news not local.

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How can they still owe £120k in debts if they had their house repossessed aswell and only had £50k debts on credit cards??

They must of had some equity in their house to put towards their credit cards so i thought the final figure owed would be under £50k??

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Guest Charlie The Tramp

P.S. Have you got a bat signal or something? :blink:

No bat signal, more like cyber morse code. ;)

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How can they still owe £120k in debts if they had their house repossessed aswell and only had £50k debts on credit cards??

No, the £120k people was another case they covered, I think they sold their home but didn't have enough clear their debts. The older couple in question have just been repo'd out.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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