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Tips for navigating bank repossessions

A financial downturn has many negative effects, with perhaps the most distressing for consumers being the repossession of an asset. Whether it's your trusted car that transports...

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'Debt prescription does not prevent repossession' - cautions banking ombuds

The office of the Ombudsman for Banking Services says it has noted an influx of complaints about the repossession of vehicles by banks when people fall behind with repayments.

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The Daily Global

repossessions based on interest rates going up. rates rising to enormous soaring amounts over the years and months. yet we haven't seen any protection from evictions. the price four years ago in england and wales, promised to get rid of section 21, no—fault evictions that we haven't seen that happen. were still waiting. in scotland they've managed to do it. at least until next month and pause in evictions just to give breathing space for renters struggling now. what just to give breathing space for renters struggling now. what do you think the chances _ renters struggling now. what do you think the chances are _ renters struggling now. what do you think the chances are first _ renters struggling now. what do you think the chances are first the - think the chances are first the model being copied and actually implemented? lap? model being copied and actually implemented?— model being copied and actually imlemented? . , ., implemented? law is on the books, it's about to — implemented? law is on the books, it's about to go _ implemented? law is on the books, it's about to go through _ implemented? law is on the books, it's about to go through is _ implemented? law is on the books, it's about to go through is a - implemented? law is on the books, it's about to go through is a bill - it's about to go through is a bill in the uk parliament. we are hoping that it can press ahead. they introduced it in may so we've actually had nothing happened last few months. 0ver actually had nothing happened last few months. over the summer every 15 minutes of the family is packing the bags, not for holidays but to find themselves evicted from their homes. we think there is hope in getting it done but wejust

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World Business Report

not walking around this house in another two months, is quite upsetting and i do not want to think about it. when interest rates go up, it is no surprise that you see more repossessions but actually, the level of repossessions is remarkably low, given just how rapidly the bank of england has raised interest rates, and the bank says they are trying to help by extending the length of mortgages, for example, and there are also hundreds of thousands of people on fixed rate mortgages. but the question is whether thatjust delays the pain. food price inflation is easing but still very high, putting the government under pressure to further delay imminent post—brexit checks and charges from imported foodstuffs to help the bank combat inflation. what the government must do is stick to that plan, so that we don't delay any longer the relief for families and businesses that are finding it tough. how is that plan helping to bring down prices for people? consistent with the possibility of a import taxes and duties

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BBC News at Six

rate as higher mortgage and rent payments bite, to estate agents grappling with a sagging housing market, the hit from interest rates is clear. but for a very small minority, that impact is life changing. minority, that impact is life changing-— minority, that impact is life chanauin. g ., changing. my home, my castle. steve's monthly _ changing. my home, my castle. steve's monthly mortgage - changing. my home, my castle. - steve's monthly mortgage repayments have tripled. add in a change of personal circumstances and his home is due to be repossessed. essen; is due to be repossessed. every sinale is due to be repossessed. every single day. _ is due to be repossessed. every single day, waiting _ is due to be repossessed. every single day, waiting for - is due to be repossessed. every single day, waiting for a - is due to be repossessed. every single day, waiting for a letter, | single day, waiting for a letter, waiting for the arrears to go up, waiting for the arrears to go up, waiting for the mortgage company to get a repossession letter in the post. it has been six months which have been quite cruel, really. cases of repossessions _ have been quite cruel, really. cases of repossessions are _ have been quite cruel, really. cases of repossessions are very _ have been quite cruel, really. cases of repossessions are very low - have been quite cruel, really. cases of repossessions are very low and with banks offering more help now, they seem set to remain a fraction of what they were 30 years ago. but borrowers are in the front line. so, what's driving another rate rise? well, inflation has been stubbornly high, and these hikes are aimed at bringing it back down. this is what the bank

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Newsday

we are here today to see whether in two weeks' time i am living on the streets. january last year, my mortgage payment was 1264 and i have been paying that amount for the last ten years. my mortgage today is £4501 per month. the judge agreed with the bank to repossess the house, citing the mortgage's unaffordability after those recent rate rises. not walking around the house in another two months, it is quite upsetting and i do not want to think about it. when interest rates go up it is no surprise that you see more repossessions but actually the level of repossessions is remarkably low, givenjust how rapidly the bank of england has raised interest rates, and the bank says they are trying to help by extending the length of mortgages, for example, and there are also

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Landlords disproportionately hit by repossessions as lenders force more into the red

Landlords are more likely to have their properties repossessed than live-in homeowners, as mortgage lenders’ new higher rates push increasing numbers into the red.

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World Business Report

hundred and 25% of their mortgages. an important financial threshold. given that it is perhaps surprising the bank thinks overall stress from high debt burdens is manageable, yes, it is rising as you can see, but not to levels seen at the time of the financial crisis in 2007 unless interest rates go much higher. governor andrew bailey confident there will be no new bank crisis and we will not get a mass property crunch. in bank crisis and we will not get a mass property crunch. in the 90s the recession _ a mass property crunch. in the 90s the recession of _ a mass property crunch. in the 90s the recession of the - a mass property crunch. in the 90s the recession of the early| 90s the recession of the early 90s, the rate of repossessions that was there, the effect that has on people and on families, we do not want to go back to that world, we are in a much better place with the banking system that can support its customers. system that can support its customa— customers. what is driving this? there _ customers. what is driving this? there is _ customers. what is driving this? there is a _ customers. what is driving this? there is a run-up - customers. what is driving this? there is a run-up inl this? there is a run—up in rates markets wanting to lend to major economies, the us and eurozone, but as you can see since the beginning of the year

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BBC News at Ten

and two in five mortgaged landlords would see their rent fail to cover 125% of their mortgages — an important financial threshold. given all that, it�s perhaps surprising that across the economy the bank thinks that the financial system is safe and sound and has enough spare funds and also overall stress from high debt burdens — yes, it�s rising as you can see — but it won�t get to levels seen at the time of the financial crisis in 2007 or it will only if interest rates go much higher to 8%. governor andrew bailey is confident there will not be a new bank crisis or a mass property crunch. the recession in the early �90s, the rate of repossessions, and then obviously the effect that has on people and on families, we don�t want to go back to that world. and i think we�re in a much better place, with a banking system that can support its customers. so what is driving all this?

Mortgages , Landlords , Rent , Threshold , 275 , Five , 75 , 125 , Two , It , Crisis , Bank

America Reports

economy, it's not needed, made people's lives more miserable. tea leaves are not great. bankruptcies are skyrocketing, repossessions are skyrocketing, credit rates record interest. we know where it's going. >> sandra: i think some of the data out of the travel industry is interesting, too, immediate spending post-pandemic. revenge travel is tapering off as well. ok, on to the supreme court decision, you are fired up about this and big thing on your show coming up. but on this major ruling on affirmative action, the president just spoke at the white house, as he was departing he was asked a question and he answered it. listen. >> is this a rogue court? >> this is not a normal court. >> should there be term limits for the justices, sir? >> ok, thank you all.

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