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House Repossessions

Written by Amelia Watts
Tuesday, 07 August 2007
House Repossessions have increased by 31% Shocking Statistics Just Released. It would appear that the recent hikes in interest rates have been hitting home owners hard. 77 houses are being repossessed every day in the UK and this would mean a staggering 27100 households potentially homeless this year. This is a huge increase on the same time last year and the largest rise seen since 1997. Homeowners are facing a bleak time, but one way forward would be to try and consolidate all your existing unsecured lending. It may be possible to raise this additional money through re-mortgaging but you need to be completely honest with your finances. First step would be to hunt out all of your recent credit and store card statements. Request up to date balances on any loans you have and check your overdraft limit. Use the downloadable Income and Expenditure Calculator. Fill in all of your income and expenditure and the form will automatically work out if you have any surplus after all expenditure has been allocated. It is possible to come out the other side and still own your home but the road will be a tough one. As soon as you start to experience difficulties paying your mortgage contact your provider immediately as there may be ways in which they can help you. Many offer fixed rates so you would know exactly what your payments will be for the next 2, 3,5,10 years. You may be able to take a short payment holiday or reduce your payments for a couple of months.
Last Updated ( Friday, 24 August 2007 )

Third Party Debt Order FAQ

Written by Amelia Watts
Tuesday, 07 August 2007
Why can my creditor claim a Third Party Debt Order on my accounts? Does my bank have to tell them all my details? Can they do this even if I disagree to it? Will they be able to take all my money? I have a joint account with my partner - can they take funds from it? My Third Party Debt Order has left me with no money for day to day living costs. What can I do? What will happen to my salary which is due to be paid next week? My Third Party Debt Order hearing is to be held in another town. Do I have to travel there? Why can my creditor claim a Third Party Debt Order on my accounts? Your creditor can ask the courts to freeze your bank or building society accounts, either after you have failed to make the agreed payments to a CCJ or you have missed one or more instalments. Does my bank have to tell them all my details? Yes, your bank or building society will have been served an order by the courts to which they must comply. Can they do this even if I disagree to it? The Third Party Debt Order will have been served on your bank or building society 7 days prior to you being notified. This is to stop people withdrawing all their funds. You can however object to the order by writing to the court no less than 3 days before the hearing. Will they be able to take all my money? Once all the information has been received from both parties the Judge will make a decision whether to grant a Third Party Debt Order. This will also be dependant on there being sufficient funds frozen. I have a joint account with my partner - can they take funds from it? Only if the debt is held in joint names, otherwise they can not touch it. My Third Party Debt Order has left me with no money for day to day living costs. What can I do? You will need to apply to the court for a Hardship Payment Order; this will only be awarded if you can prove to the Judge that you are genuinely unable to cover living expenses. What will happen to my salary which is due to be paid next week? Your salary will be untouched as a Third Party Debt Order can only freeze assets in the account on the day of the order. My Third Party Debt Order hearing is to be held in another town. Do I have to travel there? You can request the hearing to be heard in a court nearer to you. Do this by applying to the court where the Third Party Debt Order has been filed.
Last Updated ( Tuesday, 11 September 2007 )