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The Cost of Bad Debts

We’ve all heard the regulatory statement that by law has to be read out at the end of commercials or added to newspapers ads….”your home may be at risk if you do not keep up repayments on your mortgage or other loans secured upon it”.

It’s pretty obvious that your home will be under threat if you fail to make mortgage payments but it’s the last six words of the statement that people often overlook. Unsecured loans are easy to get but the credit card cycle of running up debt and escalating interest charges means that those who want a loan often turn to their home as collateral. Using bricks and mortar to secure a loan is not necessarily a bad thing, but if for any reason you find yourself unable to make the repayments you might be in for a shock!

The HSBC has recently declared that it’s had to take a hit of £5.5 billion in the US due to secured-loan defaulters, and the forecast is that home repossessions in the UK will rise during 2007 and 2008. The message here is beware of securing debt on your home and if you are facing the threat of repossession for any reason, act quickly. Property Rescue has the ability to stop repossession in its tracks – just check out the details on the repossession pages of this site for information.

25 July 2007. Repossession | Comments (0) -

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