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Debtors may see property seized

31/07/2008

People facing debt problems are urged to seek help, after an expert has said lenders may seize property to recover money.

Unlike some other countries, lenders in the UK are unlikely to use forced imprisonment as a means to recoup funds but debtors may find themselves homeless when their homes are repossessed, Credit Action has said.

Chris Tapp, director of the money education charity, said: "It tends to be more about the removal of a service, or the seizure of goods or the repossession of a house, so that the lender can get back as much as possible, than imprisonment."

For people with unsecured debt, county court judgments and bailiffs may be used by lenders to recover debts, he added.

With the exception of water, utilities will be switched off by the provider if bills are unpaid, Mr Tapp also said.

According to the charity, the average household debt in the UK, excluding mortgages, is £9,341. Including mortgages, it is £57,941.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according