- Tuesday, 3 November 2009A family of five faces eviction from their home this week as a result of their landlord's inability to keep up with mortgage repayments.
The Hempson family, who live in Plymouth, have paid their rent every month, but will still lose their family home, according to the BBC.
Had the landlord recognised his financial shortfalls earlier and entered into an
individual voluntary agreement (IVA) mortgage, he may have been able to avoid the repossession and the family could have kept their home.
In a statement concerning the matter, a spokesperson from the landlord's mortgage company Accord Mortgages, told the broadcaster: "It is in no-one's interest to repossess a property but we sometimes have to in order to minimise losses to the company.
"We do not allow occupiers to make rental payments to Accord because this would create a new tenancy."
Shelter Scotland has suggested that repossessions are set to increase dramatically, with the number of mortgage-related court actions rising by 20 per cent in the last year.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960