Home repossessions soar in Suffolk
SOARING levels of debt are today being blamed for the number of home repossessions in Suffolk doubling in ten years.In 1997 there were 219 mortgage possession orders made at county courts in Suffolk.
SOARING levels of debt are today being blamed for the number of home repossessions in Suffolk doubling in ten years.
In 1997 there were 219 mortgage possession orders made at county courts in Suffolk.
Last year the figure has spiralled to 458.
The number of mortgage possession orders made at Ipswich County Court has increased by 70 per cent in ten years, while in Bury St Edmunds it has gone up by 109 pc.
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The House of Commons figures were revealed after David Ruffley, Conservative MP for Stowmarket and Bury St Edmunds, questioned Harriet Harman MP, minister of state at the department for constitutional affairs.
Today's insight into steeply rising debt levels came after it was revealed last week that the number of bankruptcy orders made at Bury St Edmunds County Court has gone up by more than 200 per cent since 1998.
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Mr Ruffley said: “These new House of Commons figures make worrying reading for Suffolk's home owners.
“The colossal increase in house prices since 1997 alongside unparalleled levels of personal debt have clearly had a disastrous impact on the lives on many Suffolk residents.
“People are being encouraged to borrow too much, and lenders are making poor lending decisions.
“These statistics are just the latest symptom of an economy built on debt. Hundreds of people a year are being forced into financial ruin."