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Credit crunch forces evicted family of four to live in a car

Posted By admin On August 2, 2008 @ 6:48 am In Money Watch | Comments Disabled

UK Daily Mail [1]
Saturday, Aug 2, 2008

A desperate family with a baby on the way are living in their car after their home was repossessed because they couldn’t afford rocketing mortgage repayments.

Laura Whitney, aged 28, who is four-months pregnant and her partner Richard Webster, 32, have spent the last two weeks crammed in their family saloon with children Jessica, seven, and Jack, two.

The couple became the latest victims of Britain’s credit crunch when they could no longer afford to pay their £62,500 mortgage.

(Article continues below)

The family could no longer pay their mortgage, which has an interest rate of 10.9 per cent, when their sub-prime lender increased payments from £373 a month to £553.

They were forced from their maisonette at Batemoor, Sheffield, and moved straight into their V-reg Vauxhall Vextra.

Laura claims her family had not been given priority for rehousing by the local council because they were deemed ‘intentionally homeless’.

They were turned down for private-rented housing because the repossession gave them a bad credit rating.

The couple met in 2005 after the break up of their previous relationships and rented a cottage together until they bought their two bedroom home in August 2006 for £67,000 after their family gave them £5,000 for the deposit.

Full article here [1]


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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-1040540/Credit-crunch-forces-evicted-family-live-car.html

[2] Credit crunch forcing US middle classes to live in their cars: http://www.prisonplanet.com/credit-crunch-forcing-us-middle-classes-to-live-in-their-cars.html

[3] Bank Of England: Get Ready For Second Credit Crunch: http://www.prisonplanet.com/bank-of-england-get-ready-for-second-credit-crunch.html

[4] This is a stick-up: Spaniards take revenge on banks for credit crunch: http://www.prisonplanet.com/this-is-a-stick-up-spaniards-take-revenge-on-banks-for-credit-crunch.html

[5] The credit crunch tent city which has returned to haunt America: http://www.prisonplanet.com/the-credit-crunch-tent-city-which-has-returned-to-haunt-america.html

[6] Another Looming Credit Crunch?: http://www.prisonplanet.com/another-looming-credit-crunch.html

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