Bad Debt To Remain “Above Historic Norms” Say Northern Rock
Published on March 11, 2010 | Author: bex
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Losses on bad debt were up 17% in 2009 than the previous year, reaching £1.04bn. As the number of people defaulting on their debts soared in 2009, Northern Rock have released figures showing that they wrote off more than £1bn.
The group have said that the increase is due to rising unemployment, falling house prices and increasing missed repayments. They have warned that levels of bad debt are to remain “above historic norms” for the foreseeable future.
In 2008, Northern Rock repossessed around 50% more homes than other lenders and claims it has since taken steps to help it’s customers avoid repossession. However, they refused to release figures on how many homes they repossessed in 2009. Mortgage arrears reached 4.28% in December 2009 – up 1.36% from the previous year.
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