Friday, September 17, 2010

More Vested Interest Fun

Fears that bad mortgage debt could rise this autumn

The number of house repossessions continues to fall, according to latest figures from the Council of Mortgage Lenders (CML) - but this could just be a smokescreen, warns national debt advisor Payplan. CML's forecast for 2010 repossessions has been revised from 53,000 to 39,000 while mortgage arrears in the first half of the year dropped by 5%. But these positive figures could be painting a false picture and the autumn could see a return to bad debt mortgage, says John Fairhurst, managing director at free debt advice provider Payplan. "Low interest rates have driven down mortgage repayments but this bubble will burst and the prospect of higher interest rates is inevitable. Combine this with a rise in both the cost of living and unemployment and it could be a rocky time ahead."

Posted by mark wadsworth @ 10:35 AM (868 views)
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2 thoughts on “More Vested Interest Fun

  • sibley's b'stard child says:

    “Our average caller with mortgage problems also owes money to nine unsecured creditors”.

    Yikes, bailiffs-a-go-go.

    To be honest MW, the only VI I can see here is Payplan getting free advertising copy.

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  • mark wadsworth says:

    SBC, that was my point 🙂

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