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B B C Gets Bearish - Two Stories Running On Repossession And R5 Live

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http://news.bbc.co.uk/1/hi/business/6972967.stm

Are increases in your mortgage repayments set to break the bank? Are the credit card bills piling up on the doormat?

If the Bank of England pushes up interest rates for a sixth time on Thursday it could be the final straw for the people clinging on to the bottom rung of the property ladder.

Repossessions have risen by 30% over the past year and are at their highest level for seven years.

And it's not hard to see why.......BBC Radio Five Live Report: A Nation (Re)Possessed can be heard at 1100 BST on Sunday 2 September or afterwards at the 5live Report website. The programme is made by All Out Productions.

Edited by The Last Bear

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http://news.bbc.co.uk/1/hi/uk/6974698.stm

Concerns over repossession rents

Five interest rate rises in a year have seen repossessions increase

Some householders facing repossession are ending up homeless after selling their homes to property companies, a BBC investigation has found.

The firms, which lease the properties back to the ex-owners, are said to be imposing large rent rises.

Others complain that they have received less than the market value for their former properties...

Article ends with:

Have you faced repossession? Have you been affected by the story? Send us your experiences using the form below.

You can send your pictures and moving footage to yourpics@bbc.co.uk or text them to 61124

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Usual BBC crap, basically an attack on companies who don't pay 'market' value for a house.

Typical example, person A can't afford their mortgage because IRs have gone up a whole 1.25% or person B needs to sell their house urgently because of credit card debts. Company C offers 70% of 'market value' and a 6 month lease and 6 months later person A or B has lost millions, doesn't have a property and is kicked out of their 'rented' accommodation. Somehow this is meant to be a story.

A few basics:

your house is worth what someone pays for it;

if you have to sell at that short notice to pay bills or avoid repossession then you should have done something about it earlier;

don't borrow what you can't afford;

if you took a car to a dealer for a quick sale then you wouldn't get 'market value' for it so why expect the same for a house - these people are in business, not a freakin' charity

BBC wheeled on some government rep. who said these companies need investigating.

I've complained but may as well stick a pole up my backside.

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what kind of 'pole'?

There is an absolute stunner living round by me. Not sure whether she would be up for it though. Would depend on the price

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BBC wheeled on some government rep. who said these companies need investigating.

The MP also mentioned the possibility of extending a "mortgage to rent" scheme currently operating in Scotland. This involves housing associations buying back homes from people unable to pay their mortgages and them becoming renters under HA conditions.

So the message is reiterated - run up lots of debt and get bailed out by taxpayers money. HAs being regulated and funded by a quango which reports to a government dept http://en.wikipedia.org/wiki/Housing_association

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