Latest Debt News
Hastings repossessions on the rise
14/03/2006 16:59:00
Hastings has been labelled a repossession hotspot after it came tenth out of 53 regions for the number of repossession actions appearing in its county courts.
The news comes after it was revealed that there were 98 repossessions in Hastings from October to December, compared to 67 for the same time in 2004, reports Hastings Today.
Sarah Nancollas, an insolvency practitioner, said: "Readily available credit and a 'live now, pay later' culture have made it easier for people to get into serious financial difficulty, but the impact of not being able to make repayments has never been harder."
Ms Nancollas, who works for insolvency practitioners NancollasGreer, also said there was a definite correlation between home repossession and extreme debt.
"Individuals who fail to overcome their financial problems and file for bankruptcy risk losing their homes," Ms Nancollas concluded.
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