Avoid the effects of property repossession on your family

“Failing to maintain mortgage repayments and subsequently facing home repossession can have disastrous effects on families.”

This is according to a study by professors from the University of York, entitled Losing the family home: Understanding the social consequences of mortgage repossession, published by The UK Insolvency Hotline. The study explored the impact of property repossession on households with dependent children.

Repossession is a traumatic and emotional life event. According to the study, the experience of property repossession and subsequent re-housing was immensely stressful for the families interviewed. It indicated that the stress impacted upon the lives of families for some time after the event, as they endured long periods of uncertainty. The study also showed that repossession was often a route to long-term poverty and substantial debt, and that women were especially vulnerable where repossession was the result of relationship breakdown.

Emotional issues surrounding property repossession

The families interviewed clearly explained that the experience of property repossession caused extreme emotional responses. They also described the profound sense of loss they felt at having to leave their family home. At a personal level, people felt that their social status, identity and sense of self-worth had been damaged. "I felt like a complete failure" was a phrase used by many people, as they were overwhelmed by feelings of letting their families down.

Many reported how they lost self-confidence and self-esteem. Personal and family relationships were also disrupted and in some cases, shattered. Relationships between partners were placed under immense strain, and parenting under those stresses and uncertainties was also more difficult.

How children are affected by property repossession

The children interviewed in this study were concerned about their parents' well-being, and some felt that they would have liked to have done more to help them. However, they felt that they had very little control over the situation, because their parents could do nothing about it, and because they themselves were dependents.

Children were also worried by the uncertainty about where they might live and whether the family would be able to stay together. Children particularly disliked having to endure repeated moves, which impacted upon their schooling and their friendship networks.

Avoid the negative effects of property repossession

The authors of the report concluded that the effects of mortgage repossession on families are so great that repossession should be avoided wherever possible, and alternatives should be explored.

This is where MPG Investments offers you a solution to avoid property repossession and the negative effects it has on your family. Sell and Rent Back allows you to sell your house to MPG in only 7 days, and then rent it back from us at a rate you can afford.

This means your family need not suffer any emotional trauma due to disruptive moving, the loss of your family home or the inconvenience of having to find a new place to live.

By making use of MPG’s Sell and Rent Back option, your family doesn’t even have to know that you’ve sold the house. The only thing they’ll notice is that you’re much more relaxed and less stressed – the result of having the burden of debt lifted off your shoulders.

Don’t allow property repossession to rip your family apart. Contact MPG Investments today, on 0800 634 9231, and let one of our friendly consultants help you get rid of debt and keep your family in their beloved home.