DEBT THREAT TO HOMEOWNERS AS REPOSSESSIONS SOAR
advisers are warning people with serious debts to act now after
Government figures revealed a shock 66% rise in the number of
mortgage possession orders. The Department of Constitutional Affairs
said there were 19,687 orders made in the 3 months to September 30
compared with 11,862 for the same period last year. And All Clear
Finance fears many more people could face having their homes
repossessed. Its new research shows over 300,000 people have credit
card debts alone of £10,000 or more. Some 29,991 actions for
mortgage debts were started in county courts in England and Wales
during the three months to the end of September. Not all possession
orders end in homes being repossessed as homeowners can still come
to a deal with their lender.
Chris Holmes, chief executive of All Clear Finance, said:-
“Many people with serious debts face a growing risk of losing their
homes. Those facing debt problems need appropriate advice and should
seek it as soon as possible rather than put their home at risk. We
would urge anyone worried about their debt problems to take action
now and not bury their heads in the sand. Lenders are increasingly
taking a tougher line with people who have serious debt problems.
There is no excuse for delay.”
All Clear Finance offers the following advice to people who are
finding it difficult to make repayments on their debts.
· Draw up a list of priorities for your debts. Your mortgage or rent
payments should be your main priority as otherwise you risk losing
· If you have a debt problem make sure you deal with it as quickly
as possible. The longer you leave it, the worse it will get
· If you have a number of creditors and are finding it difficult to
make your repayments, take professional advice from a debt advisory
service who can advise you on the best solution for your financial
. If you seek advice from a debt advisory service, make sure that
they can offer a full range of solutions and not just one as this
may impact their ability to offer independent advice
· Look for ways in which you can reduce your expenditure
Services at Risk Due to EU and UK Government Regulation says IEA
Author John Hibbs, one of the architects of bus de-regulation
A NEW study
published this week, by the IEA, who suggests that re-regulation of the bus
industry following the Transport Act 2000 is putting bus services at
risk. By empowering local authorities to award 'quality contracts'
to bus companies, the Act is producing a 'franchising' system where
bus companies compete for a monopoly of providing the service on a
particular route. This replicates the mechanism that has proved so
controversial on the railways and undermines the principle of
competition introduced by the Transport Act 1985 that has resulted
in improvements in quality and reliability of service in many areas
that could not have been envisaged before the Act.
EU Directives are also moving the industry in the same way. Making a
mockery of the principle of subsidiarity, the EU has developed page
after page of Draft Regulations that local bus operators will have
to satisfy, dealing with issues such as complaints procedures and
staff qualifications, which, Hibbs believes, will undermine their
ability to provide high quality service. Analysis of developments
since the introduction of the 2000 Act have led John Hibbs, the
intellectual driving force behind the 1985 Act, to warn that the
achievements of the original legislation are now at risk from new
legislation and regulations. "The Transport Act 2000, will
once again lead to a bus industry that is run in the interests of
politicians and not passengers." Hibbs argues.
Hibbs' study is supplemented by a number of additional papers by
other authors. These include a study of the express coach market by
Graham Parkhurst that shows that the introduction of competition has
led to innovations, such as the Yellow Taxibus that runs from
Dunfermline to Edinburgh, and measurable improvements in service
quality in the important London to Oxford coach service market.
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