Property Rescue Blog

Personal debt in the UK is reaching new heights. The first three months of this year saw almost a quarter of a million County Court Judgements (CCJs) issued on unpaid debts such as mortgages and credit cards. Three years ago the number of CCJs stood at approximately 125,000 per quarter – just half of what it is today. The new figures were released by the Registry Trust at the end of May.

At the end of March total UK personal debt was £1,318 billion, which represents a rate of debt growth of around 10% per annum. Secured lending – i.e. loans such as mortgages made against property – stood at £1,104 billion, an increase of 11.5% from the previous year.

On the one hand it seems that banks and lending institutions are prepared to lend more, but on the other hand it looks as if they are getting tough when people don’t pay. CCJs on unsecured loans are often backed up by action from baliffs which means property is likely to be removed from your home and sold in order to pay your debts. If your loan is secured against your property however, you face the very real threat of having your home repossessed.

Property Rescue can help you clear your debts or get rid of the threat of repossession. In some instances people have both mortgage arrears and credit card debts and in these cases Property Rescue will work with you to clear both, allowing you to make a fresh start. Contact them for more information and an informal, no obligation chat.