Two missed payments and you could lose your home

A high court hearing last month rules reinforced a law that allows lenders to sell someone homes if they are in arrears by 2 months. This means that a lender can effectively sell a property without the need for a court order.

This is likely to come as a blow to Labour who last month demanded that mortgage lender only seize homes as a last resort. The question is, are there any lenders ruthless enough to use it and brave enough to go against the government. Thank goodness we own such a large share in most of them.

Hopefully it won’t be long until is old and out of date law is changed. Until them we could do with measures being put in place to reassure families struggling to meet their debt repayments that lenders are going to work with them to solve their financial problems. Otherwise we’ll see another increase in the number of repossessions, Bankruptcies and IVA's, not to mention the human costs – depression, poor health, divorce and many more.

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