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Repossession orders up 17 per cent
Repossession orders up 17 per cent
Last Modified: 09 May 2008
By:
Bridgid Nzekwu
The Ministry of Justice says repossession court orders have gone up by 17 per cent in the last year.
Repossession claims, which mark the beginning of the process, are also up.
The number of homeowners facing legal action because they can't keep up their mortgage payments has soared over the last year.
It's a sign of how far the credit crunch and higher mortgage payments are already affecting thousands of people.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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