/24-7PressRelease/ - LONDON, UK, August 10, 2007 - According to the Council of Mortgage Lenders, the instances leading to repossession of homes have increased this year. Around 14,000 properties were repossessed in the first six months of the year, representing a 30 per cent increase on the same time last year.
Brits are increasingly relying on secured personal loans and when they fail to repay the lenders, the legal process begins with a repossession claim being entered into by the lenders. It is relevant to note that all repossession claims do not end with a repossession order. In many cases, borrowers are able to convince the courts for not proceeding or there takes place some arrangement with the lender.
No doubt, the secured personal loans help borrowers in their difficult times. At the same time, the borrowers should avoid overspending and making loans a routine feature of their financial management. Manageable debts will keep you away from repossession troubles.
David Stubbs, senior economist at the RICS said: "With the housing market slowing into 2008 and interest rates expected to hit 6 percent, homeowners slipping behind with their repayments may be left stranded, unable to sell their way out of trouble".
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