100 families a day lose their homes

Britain is in the grip of an escalating repossession crisis with the numbers evicted from their home soaring nearly 50 per cent over the last year.

Between January and June, 18,900 families - equal to more than 100 families every day - lost their homes after failing to pay their mortgage.

The number who will be repossessed is set to keep on rising as the lethal combination of poor pay-rises and soaring household bills takes its toll.

In a sign of the impending crisis, a shocking 155,600 people have not paid a penny of their mortgage for more than three months. Claire James, policy officer at the Family and Parenting Institute, said: "We fear that the credit crunch is going to claim yet another victim - happy family life. Research has shown that families forced to live in homes that are unfit for their needs suffer tremendously under the strain."

Around 20 per cent of repossessed homes are sold at auction, but many are selling for a huge discount to the price that was paid.

A repossessed two-bedroom flat in Aylesbury, Buckinghamshire sold for £117,000 last month, just 18 months after it was bought for £207,950. The repossession figures may be rising quickly, but they are still far below the record in 1991 when 75,500 people were repossessed.

Many people walk through the doors of the UCKG HelpCentre every week in order to find help for their debt and financial problems. Individuals are able to receive free advice and counselling as well as a prayer to give them strength to change their financial status, or to overcome any reoccurring problems.

As a result, many have seen their financial situation changing for the better. Some have been able to clear their debts completely, whilst others have been able to better control their money.

If you are in a financial rut, don’t despair; make sure you attend this Chain of Prayer on Monday at 7.30pm also at 7am, 10am and 3pm at your local UCKG HelpCentre.

Released on Monday 11th August 2008

Source - www.dailymail.co.uk