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CREDIT CARD BILLS FINAL STRAW FOR HOME OWNERS (News (General))
by administrator 
, Thursday, February 04, 2010, 03:56
Mounting mortgage arrears and huge January credit card bills are causing record numbers of homeowners around the country to try to sell their homes in a last ditch attempt to avoid repossession.
Property Portfolio Rescue (PPR) has seen a 33% surge of enquiries from distressed sellers across the UK in January.
London alone has seen a 55% surge of enquiries - many from so-called flagship regeneration zones - leaving plans for areas intended to improve and enhance prospects for local residents in tatters.
Nick Hopkinson, Director of PPR, said: "We have been shocked by the level of calls we have had in the first few weeks of the year. Having buried their heads in the sand pre-Christmas, many homeowners across the UK are now facing up to the reality of their situation, prompted by mounting personal debt and hefty January credit card bills, which they have no hope of paying.
"Until recently, many private homeowners in London have largely been able to scrape along avoiding repossession, with banks' hands tied behind their backs as to when they can step in. For many, this has only delayed the inevitable.
"Now, as rising unemployment and falling household income hits all but the prime areas of the capital, a growing number of Londoners are joining the ranks of those in the Midlands and Northern cities who have fallen into serious mortgage arrears and need urgent help.
"We expect more areas to be hit over the next few months and are predicting over 15,000 new repossessions in the first quarter of 2010."
