New figures highlight problems for homeowners in Cambridge - Howarth
March 11, 2006 12:00 PM
Responding to the latest statistics from the Department of Constitutional Affairs which show a rise in the number of mortgage possession procedures issued in Cambridgeshire County Court and from the DTI showing a large rise in personal insolvencies in Cambridge, David Howarth, MP for Cambridge, said:
"These figures show very worrying trends, there is growing number of people in constituency who are finding it harder and harder to cope financially.
"The combination of rising unemployment and record levels of personal debt is spelling catastrophe for many hard working families.
Commenting on the mortgage possession procedure statistics released from the DCA Mr. Howarth added:
"While they remain below the levels seen in the early 1990's there are clearly big problems ahead. While not all the cases will result in repossession they give a strong indication of the extreme difficulties facing many households.
Commenting on the DTI Individual Insolvency figures, Mr. Howarth continued:
"Last year alone there were nearly a quarter of a million calls to the National Debtline nationwide and the Citizen's Advice Bureau handled over a million problems relating to personal debt. The cost of servicing debt is now close to the highs seen in the early 1990's, urgent action is required now.
"Individuals must be made fully aware of the risks that are involved and of the relevant insurance products available when they take out a mortgage."
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