Vorstellungsbereich » So while the economy is in free fall

Anyone who owned property during the last house price crash in the early 1990s will remember constant headlines about negative equity and home repossession. Between 1990 and 1996 over a million individuals experienced mortgage repossession as they struggled with mortgage payments when interest rates doubled.


A lot has changed since then. The U.K. economy is much more stable Wholesale Alvin Kamara Jersey , we live in a low-inflation environment and the Chancellor's decision to pass responsibility for setting interest rates to the Bank of England is acclaimed by many as a master stroke. So, not much chance of a repeat of the early 90s misery, then?


?It's different this time? has been the downfall of many a pundit, whether they are referring to stocks and shares Wholesale Drew Brees Jersey , the housing market, or anything else. Because whilst there are certainly many differences between now and the early nineties, dig a bit deeper and there are quite a few signs that everything in the garden might not be as rosy as we would all like it to be.


Take household debt for example, now at over ?1 trillion. Or to put it another way Wholesale Rick Leonard Jersey , around ?17,000 of debt for every man, woman and child in the UK! The Nationwide Building Society recently calculated that debt is now at a record 2.75 times disposable income compared with the previous record of two times income in the early 1990s.


Or interest rates. They may be low ? but the five successive interest rate rises last year actually equated to a 35% increase! As rising house prices in recent years have encouraged many people to take out the biggest mortgage they can get, this type of increase will have been very unwelcome!


Or employment. A record 28.3 million people are in jobs. However many of these are part-time or short-term contracts. Many more have benefited through the massive increase in public sector employment. But if the economy wobbles Wholesale Tre'Quan Smith Jersey , and particularly if as many predict the government needs to reduce public spending, these jobs are vulnerable.


So maybe it's not so surprising that figures from the Council of Mortgage Lenders show that the number of home repossessions increased by a whopping 70% in 2005 compared to 2004, with the trend looking set to continue this year.


If you are in danger of home repossession, or might be affected in the future Wholesale Marcus Davenport Jersey , what should you do?


We asked Richard Watters, Managing Director of A Quick Sale Ltd. for his views as his company receives hundreds of calls each week from people worried about losing their home because of eviction as a result of home repossession by a mortgage lender. He suggested sticking to the following 10-point checklist:


1. Don't panic. Lenders normally use home repossession as a last resort. The first thing to do is to talk to them, explain the situation and ask for their support. Many of them will be able to offer repayment holidays or a short term reduction in the monthly payments, instead of repossession. You can request that your repayments be converted to ?Interest Only? which can significantly reduce monthly repayments.


2. If you can't afford to pay what they request Wholesale Chauncey Gardner-Johnson Jersey , pay them a regular amount that you can afford ? this demonstrates that you are trying and haven't lost control of the situation.


3. Know your rights. Your property can only be repossessed after a court hearing and judges are sympathetic to people in these situations, particularly if they have children.


4. Understand the process. The website home repossession information has information on how the home repossession process works.


5. Get legal advice or speak to your local Citizens Advice Bureau. Don't try a DIY job ? your home is too important! ( )


6. If the case goes to court ? always attend the repossession hearing. Explain your situation and suggest a period over which the mortgage arrears can be repaid. Always suggest a plan you know you can stick to ? even if this means the mortgage arrears will not be cleared until the last monthly payment is made in 20 years time!


7. In most cases the court will grant a suspended possession order. This means that if you stick to the agreement to repay arrears, you won't be evicted and your home won't be repossessed.


8. If the court grants the Lender a possession order, you will normally have about 4 weeks to move out ? otherwise you will be evicted. It is often possible to find a buyer within this period Wholesale Erik McCoy Jersey , and avoid repossession of your house. You may have to accept less than you would like ? and might end up with little in your pocket - but this is usually preferable to home repossession. Some property-buying companies are able to offer a rent-back option so you can continue to live there.


Retirement Transition: 4 Reasons to Get Unstuck NOW Self Help Articles | December 6, 2008
Many 50 to 60-something women are awakening to the reality that they're stuck in a life they no longer want to be living. They know it's time to move on, but don't know where or how to start planning the next thirty or more years of their lives. Here are 4 ways to acknowledge that you're stuck and need to break the log-jam:


Copyright (c) 2008 Lin Schreiber


As a coach, I'm always looking for the silver lining in every situation for my clients Wholesale Taysom Hill Jersey , and for myself. At the very least, I believe we can learn powerful lessons from everything that happens to us, and even the worst circumstances can open doors to wonderful opportunities.


So while the economy is in free fall, I'm excited about what possibilities may become realities. One of the most powerful things I already see happening with a lot of 50 to 60-something women is an awakening to the reality that they're stuck in a life they no longer want to be living.