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New debt law could increase repossessions

19/09/2008

A new law making it easier for banks and other lenders to take action against people struggling with debt could result in a sharp increase in repossessions.

The law will give creditors the potential to convert unsecured debts into secured debts, putting expensive assets such as the borrower’s home at risk of repossession.

The law is a change to the Tribunals, Courts and Enforcement Act 2007, which has been passed into law but is currently not in effect.

The Lord Chancellor is expected to set a minimum debt – likely to be around £1,000 – under which creditors are not able to reclaim debts in this way.

A spokesperson for Debt Advisers Direct said: "This should act as a stark warning to people in debt to take action now.

"There are a number of debt solutions available for a range of different situations, and we advise people in debt not to ignore it. A debt consolidation loan or debt management plan, for example, can help people get out of difficult situations without the stress of court action."

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Bachelors `forced to spend more` 17/11/2008 - People who live by themselves find it more difficult to Bankruptcy `increases by 7%` 17/11/2008 - The number of consumers in England and Wales facing bankruptcy Finances `causing women sleepless nights` 14/11/2008 - Financial concerns, potentially including debt problems, are causing women sleepless Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers