Brent Repossessions Crisis Needs Government Action - Teather
November 3, 2008 3:01 PM
Local MP Sarah Teather is supporting people in Brent who fear losing their home
Local Brent East Liberal Democrat MP Sarah Teather has called on the Government to take urgent action after new figures showed a dramatic increase in the number of Brent families falling victim to repossession.
Government statistics showed that the number of repossession orders issued by Willesden County Court have leapt by 30% in the last year, the highest rise in London. Overall 377 families had their home repossessed.
Sarah is calling on the Government to ensure that banks only ever repossess people's homes as a last resort. The courts should make sure that banks don't repossess unless they've already offered free independent financial advice, and pursued all alternatives like renegotiating the terms of the mortgage or offering a shared equity agreement.
These latest figures follow recent news that the number of bankruptcy orders in Brent had also showed a significant rise.
Sarah is keen to meet with any constituents who have been repossessed or who are experiencing other problems caused by the economic crisis. Anyone who needs help should contact her constituency office on 0208 459 0455.
Local Liberal Democrat MP for Brent East, Sarah Teather, said:
"Losing your home is every family's worst nightmare. Yet, as recession starts to bite, the misery of repossession is becoming reality for more and more people in our borough.
"The Government must take urgent action to reassure those families in Brent who are living in real fear. Repossession should only ever be a last resort, when banks have exhausted all the other options.
"Banks should be offering free independent advice and also looking at less harrowing options, for example offering to renegotiate the mortgage terms. And county courts should be instructed to make sure that banks stick to these principles.
"Gordon Brown must not repeat the mistakes of the previous ten years by standing back and allowing Britain's banks to run roughshod over the best interests of local people. Mortgage lenders must be made to treat their customers fairly."
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