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Repossession numbers rising unnecessarily

The Centre for Policy Studies (CPS) has today issued a scathing attack on the UK legal system in relation to the repossession of homes across the UK. The CPS believes that rather than giving the statutory 2 to 4 year period to repay outstanding debt on a home, judges should be looking towards a recent legal ruling which indicated that borrowers should have the full life of any mortgage to pay off any debts. In the case of a 25 year mortgage when a customer defaulted in year 5 this would give them 20 years rather than the statutory 2 to 4 years to repay the difference.

The CPS believes this would result in over 100,000 homes staying out of the repossession court and remaining in the hands of the UK population. This comes at a time when the UK government has been promising action on the repossession front but has yet to formulate any serious alternative. The fact that substantial numbers of homes are being repossessed unnecessarily is set to heap further pressure and embarrassment on the UK government.

The CPS has made a serious play to ensure judges are aware of the recent legal ruling and the possible implications although in reality issues will be addressed on an individual basis.

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