My life

Friend getting repossesed

I am lucky enough to be able to leave work a little earlier than on a regular day on a Friday.  It’s only half an hour, but it feels very precious.  This week however my workplace scheduled a meeting for the end of the day and not only did I miss my half an hour but I ended up staying a whole extra hour after I would normally have been at home. This meant that I was leaving the centre on Nottingham, heading for the motorway during rush hour.  As you can imagine by the time I got to our local pub, where I meet some friends I was not only very late but also pretty annoyed. 

While I was ranting about me stupid job and my rubbish day, I realised my companions were looking a little uncomfortable and I guessed I had put my foot in it somewhere.  It transpired that one of my friends was drowning his sorrows after unexpectedly losing his job that very day. I have heard plenty on the news about companies closing and people losing their jobs but it luckily hadn’t effected me personally until that moment. 

Just over a year ago things were looking so good that he brought his own house, at that point property prices were falling, it was a buyer’s market and mortgages deals were relatively easy to obtain, now he is worried that he will not be able to keep up his repayments and could face repossession problems.  

It was not the most enjoyable night I have ever spent at the pub but the more beers we had the more inventive the ideas got as to how he could avoid repossession, simply sell his house before it happened,  starting his own business or invent something and go on the dragons den!

In the end he decided that it was time to get off the housing ladder with his head held high and ride out the economic crisis back with his parents.  According to repossession news this is a pretty common occurrence and it is likely to become an even more popular option since repossessions continue to be on the rise.