In a continuation from Monday’s post about the Bank of England’s (BoE) lending figures for January 2010, there are some other interesting stats to be considered…
According to the BoE, UK banks wrote off a record breaking £4.12billion in bad credit card debt in 2009 and the value of mortgages written of doubled over the year from £408million to a whopping £984million as repossession orders increased. The total amount written off by banks (including cards, mortgages and other loans) rose from £6.9billion to £9.3billion while total lending dropped from £13.53 billion in December to £10.24 billion in January. Anyone looking for good news regarding the economy may well have to wait a while.
Tags: fast house sale, quick house sale, repossession, Sell And Rent Back, Sell My House Fast, we buy any house