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Rochdale’s Housing Debt Problem


Simon Danziuk MP for Rochdale states on his newsletter this week: ‘A report published by the housing charity Shelter has named Rochdale as a national hotspot for home repossessions. With hundreds of families having lost their home in Rochdale last year, the Government’s VAT increase, public service cuts and cuts to the Citizens’ Advice Bureau has left many struggling to meet mortgage payments and without access to good debt advice. I fear that a future rise in interest rates will make it even harder for families to keep up with their mortgage payments and could lead to the repossessions crisis deepening.’

MP Simon Danczuk is calling for the Bank of England to delay interest rate rises to help struggling
families. He said: “People are already struggling with high inflation and wage freezes so we don’twant to
see an increase in interest rates making it even harder for families to keep up with mortgage payments.
“This is a difficult time and low interest rates are keeping many homeowners afloat.” Mr Danczuk believes a 17-per-cent jump in home repossessions across England is a result of coalition government policy.

He adds: “The VAT rise has pushed up inflation and short-sighted cuts to the Citizen Advice Bureau
network mean fewer people are able to get the debt advice they need to help them avoid repossessions.

Source: M.E.N & Simon Danzuik Newsletter

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