If as reported Labour now seem to have control of a number of our largest High Street Banks how will this affect us.

Surely Labour who have the history of fighting for the rights of the working man and the disadvantaged will ensure the banks act fairly to people who are having problems with their debts or mortgage payments?

Do Labour really want to be responsible for rising home repossessions. New figures quoted on the BBC claim to show an increase in repossessions at Northern Rock which seems to point to this not being the case. Figures quoted stated that state run Northern Rock are twice as likely to repossess as other lenders (although in fairness they did do more subprime mortgages than anyone else). Now the money is owed to the Government are they keener to get it back?

With falling house prices it makes sense for Banks to repossess sooner rather than later?

Will Labour ministers allow large number of house repossessions at Northern Rock?

It could be argued that the Government are responsible anyway because in recent years they have let subprime mortgages thrive amid unsustainable housing prices. Many people now have rising mortgage costs and negative equity.

In some instances people being threatened with repossession didn’t even take out a mortgage or a secured loan. Some lenders take a charging order against your property if you are in default with unsecured debts (and thereby convert unsecured debt into a secured debt!).

On the BBC news today a woman that lived in Surrey had repossession hearings from Northern Rock in a court in Newcastle rather than one near her home. She couldn’t afford the time or cost of making the journey and is now at risk at losing her home. Surely court hearings should be near to where the home is?

Will the Government also help consumers struggling with unsecured debts? In the past some lenders (including Northern Rock) have resisted repayment proposals such as IVA’s. Will their policy for accepting proposals now change?

If you have been refused an IVA before please call us today.

If you are struggling with your mortgage or debts then the good news is IVA TV can help.

Please call us on 0800 0483 651.

WE CAN HELP STOP HOUSE REPOSSESSIONS.