/24-7PressRelease/ - LONDON, UK, July 12, 2006 - A substantial rise in the amount of secured loans disbursing by homeowners are said to be the reason of rise in repossession in Scotland. According to the governments figure obtained by the SNP, the amount of repossession orders handed over has risen by more than third in a year.
A rise in the sum of secured loans taken out by home owners is responsible for a rise in repossession in Scotland. The amount of repossession orders have risen by over one third in one year, according to the government figures obtained by the SNP.Last year, 6,285 repossession verdict was issued. That was 34% increase on the 2004 figure and 50% higher than the number observed in 1990. Kenny Mac skill, the party's justice spokesman, alleged the increase on lending to helpless groups. Bryan Jackson, a partner at insolvency firm, PKF, told the Scotsman that the aftermath of 'live now, grab today' tendency of the people aged under 30 is already adding fuels to insolvency.
He further reiterated that the number of repossession had increased; the number of the rise was not expected though. There is consumer debt problem and it was not just because of credit cards but home owner and other loans. The figures were collected just a day after the charity Citizen Advice released figures saying that those borrowers who contacted them with problems have an average debt of 13,153.
However, repossession is usual process in secured loans. It can not deter borrowers to borrow money. They have to be more cautious about repayments.
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