/24-7PressRelease/ - LONDON, UK, June 14, 2006 - Scottish courts have handed out 6,285 repossession decrees in 2005 an alarming 34 percent rise than last year. These have given rise to fears of increase in debt levels. Low income and poor financial decisions have been the reasons behind Scotland's growing debt level.
Scottish courts have handed out 6,285 repossession decrees in 2005. This figure is 34 per cent higher than the last year's figure. But experts believe that the figures are misleading, and did not give a true picture on the number of house repossessions.
Bernard Clarke, of the Council of Mortgage Lenders, said: "We would expect the number of repossessions to rise in Scotland, as it has done in England and Wales. But there is a big difference between the granting of an order and actual repossession. Sometimes the situation is sorted out by the time the lender has gone to court, and sometimes the order is never actually taken up by the lender."
The SNP said the figures indicate a disturbing trend. The party said: "It is surely inconceivable that such a huge rise would not, in turn, lead to a similar increase in the number of homes repossessed."
Meanwhile, a research conducted by the Citizens Advice Bureau revealed that debt ridden Britons need an average of 77 years to pay back the loans consisting of both secured and unsecured loans.
Britons owe an average of 13,153 equivalent to 17 times of their monthly income.
David Harker, the chief executive of the Citizens Advice Bureau, said: "Low income, combined with badly informed and poorly understood financial decisions are at the root of many of our clients' debt problems."
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