It is an open secret that in the last many years there was none that as been tougher than the year 2009 as far as money matters are concerned. The number of people who have spent sleepless nights worrying over unpaid bills and huge debts that have become a real threat to their homes in on an all time high. There are countless people who are living under the constant threat or ever increasing utility bills, redundancies as well as home repossessions and they do not really know how to move on from their current quagmires.

Money Worries

2009 has been one of the toughest financial years we have ever seen. Many people have been left with money worries, bills and in some cases debts that are threatening their homes.

Facing repossession, mounting bills and job insecurity can make you want to hide under the duvet and never come out. However, this has rarely improved situations. There are several options that may be available to you. First of all take a real, honest look at your finances; what comes in each month, what goes out, can anything be lived without? (ie, sky tv, extra phone line)

Repossessions are on the downturn consider sell and rent back!
 

It was announced that the number of repossessions were on the downturn but then it was also stated that the number of repossessions are also up to just over 24,000 so far this year. This is equivalent to 130-135 homes being repossessed a day. However this is still a 14% increase from last year!

Stop insolvencies consider Sell and rent back

A record number of people going bust are now up to 27%.

The number of personal insolvencies is now up to a record 33,073 in the last quarter, which is truly an unbelievable figure. Many others having to sell their homes and considering the sale and rent back.

A record 33, 073 people in England and Wales were declared insolvent throughout the three months to the end of June, also scary predictions that confirm possible numbers of people to go bust could be in excess of 130,000 by the end of the year.

Possible length of the recession!
 

It is an impossible answer, even for the best economist, it is like asking, how long is a piece of string?

The economists are currently planning a variety of possible outcomes. The good thing is they all confirm that the recessions will end, because every recession has always ended, but unfortunately it has a lot of casualties to go with that i.e. people being repossessed

What else do the policy holders have up their sleeve?

What are the authorities doing?

The Bank of England & the Chancellor Alistair Darling, believe and base their principles on people spending money (i.e. expenditure) someone else receiving money (i.e. income). With the consumers failing to do so, this has left a gap which needs to be filled in the private sector, because this will only produce more fear and have a negative effect on the economy, and there will be more redundancies and more people being repossessed.

Timing Why Now

Household Dept has been building up over the last 10 years it has now reached a level where consumers have a debt of approximately £1.4 trillion collectively, and people are being repossessed every day.