Debt levels may lead to rise in home repossessions say National Homebuyers

With Britain's personal debt crisis worsening, Thomas Charles is warning of the consequences of getting into real financial difficulty.

[UKPRwire, Tue Dec 04 2007] The latest figures from the debt consultancy firm show that 15 per cent of Britons are in debt of more than £10,000.

These vast sums of money could lead to real trouble for many people and maybe even bankruptcy.

However, Thomas Charles warns that bankruptcy should only ever be the very last option and the firm warns that those who are declared bankrupt will have their home repossessed.

"If you go bankrupt, the title automatically changes. You automatically lose control and ownership of your property," said James Falla, managing director of Thomas Charles.

"In bankruptcy there are ways and means that you can buy it back, but that would have to involve money from third parties.

"The one key thing with the bankruptcy … is that it is of key importance to homeowners to understand that if they declare bankruptcy, there is a high risk that … it is more difficult to keep hold of your home," he continued.

Quick property sale expert Julian King says homeowners facing a possession order need to act quickly.

"Our analysts predict round 45,000 homes will be repossessed next year, but there is a solution.

"National Homebuyers have been saving people from repossession for many years with our quick property purchase solution and we advise people in financial difficulty or facing repossession to take steps as quickly as possible to avoid losing their home.

"In most cases we can save a property from being repossessed within a few days, however the sooner we are aware of the customer's needs, the faster we can react.

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The company guarantees a quick 'cash for house' offer for vendors who need a quick sale. The company is also one of the UK's leading providers of Sell and Rent Back solutions. This allows the homeowner to sell property quickly, but remain in their home on an Assured Tenancy agreement.