Donít be a tosser this Christmas
The Conservatives are behind a controversial, yet innovative debt awareness campaign aimed at raising the awareness of the ever increasing debt crisis in the UK.
Launched in November this year, www.sort-it.co.uk was timed to coincide with the build up of consumer spending for this years festive season. Sort-it hopes to encourage people to take responsibility for their spending and Ďignore the inner tosser and beat debtí.
The campaign has been heavily criticised by other political parties due to the provocative use of the word Ďtosserí.
UK consumer debt has smashed through the £1 trillion mark, and experts believe that this festive season alone around £11.4 billion will be put on credit.
Cases of IVAs, the most favoured alternative to bankruptcy, soared to 12,228 in Q3 of 2006, a 118% increase on the same quarter of 2005.
House repossessions are also on the up, with a 43% increase in the first half of 2006 compared to the second half of 2005. The Council of Mortgage Lenders (CML) are expecting repossessions to hit the 15,000 mark for 2006-2008, however these estimates do not include repossessions which are the result of arrears in either 2nd or 3rd charge lending or now more commonly unsecured debt.
Unsecured lenders are now turning to the courts for County Court Judgements, in 2006 the UK has seen the most rapid rise in the number of judgements for 14 years. Defaults on CCJís can result in the unsecured lender applying for a charging order against your home.
For some homeowners, the Conservatives message is too late. For those people the only solution to avoid repossession is to sell their home.
Savvy property investors have identified this problem and are offering a solution to help prevent repossessions. RedSofa, a property investment company is offering such benefits as purchase guarantees, generous £500 referral fees, legal fees paid and completions in a matter of a few weeks, in return for a discounted sale price.
For anyone facing repossession or having difficulty managing their debt burden, this could be the ideal Christmas present.
RedSofa is a property investment company based in the North West of the UK, which offers tailored solutions to people who are looking for a quick guaranteed property sale. For more information please visit www.redsofa.com.
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