Adele King, better known as Twink, could face the prospect of losing her home after she was issued with a repossession order. The Bank of Scotland began legal proceedings on Monday last to repossess Idrone House in Idrone Avenue, which she owned with her former husband David Agnew.
The conversation filler story broke just before the ... announcement that the moratorium on house repossessions is being extended to 12 months for all lenders.
However, the change which was ordered by the Financial Regulator does not mean that Twink has a year of breathing space as the order details that lenders must wait at least a year from the time arrears first arise before applying to the courts for a repossession order. The order also only applies to mainstream institutions as well as subprime lenders, which account for more than 40% of repossession orders coming before the courts. The 12-month requirement does not apply where a borrower is deliberately not engaging with the lender.
In a statement issued through her agent Twink said; "Unfortunately I find myself in this current situation -- no different to half of the country that have lost their jobs or, like me, are single parents -- trying to pay my mortgage, bills and raise two children on my own...It would appear that the trick is to owe the banks and building societies millions, not thousands, that way you walk away scot-free".
It has been estimated that they are approximately 35,000 people now in arrears, and figures compiled by the Courts Service show that 758 new applications for repossession orders were brought to the High Court in 2008, compared with 374 the previous year.
