MORE homeowners are facing financial misery, with new figures showing repossession orders in Peterborough increasing at a rate three times the national average.
Figures from the Ministry of Justice reveal courts made 250 home repossession orders in Peterborough during April, May and June – nearly twice the number recorded in the same period in 2007.
It brings the total number of repossession orders in Pet
erborough for the first six months of the year to 465 – an increase of two-thirds on the first half of 2007.
The rise is almost treble the average year-on-year increase across the country and has sparked fears city householders are being hit harder by rising domestic bills and more expensive mortgages.
Staff at Peterborough's Citizen's Advice Bureau (CAB) say many more people are seeking help for debt problems than they were 12 months ago.
Financial specialist Nigel Barnard said the bureau's mortgage specialists dealt with 15 people threatened with repossession last week alone.
Its weekly debt advice clinic in Westwood, Peterborough, which last year attracted no more than six people, has been attended by more than 40 in the last three weeks.
Mr Barnard said: "We have been inundated with requests from people seeking advice about a variety of debt problems. We are probably seeing 50 per cent more people than we were this time last year."
CAB manager Keith Jones said rising utility and fuel bills, combined with many people coming off fixed- rate mortgages of four to 4.5 per cent, and having to pay rates of seven to 10 per cent, were fuelling the problem.
He said: "Whichever way you look, people are being hit financially by massive increases.
"People tend to live up to and beyond their income. When things go wrong, they still want to go out socially, buy new clothes and new cars.
"They don't think that if the mortgage or credit card does not get paid that they could lose the roof over their heads."
Chairman of Peterborough Chamber of Commerce Iain Crighton said: "It is disappointing news.
"Peterborough has a very high proportion of people on low incomes and it is difficult to absorb the rising cost of household bills."
Norwich and Peterborough Building Society spokeswoman Laura Hogg said: "Although the figures look negative, it's worth remembering that these are the number of repossession orders made by the courts, not the actual number of repossessions made.
"Although many people are feeling the pinch as the credit crunch continues to hit, we haven't actually seen an increase in repossessions compared to this quarter last year."
The full article contains 435 words and appears in Peterborough ET newspaper.
