Cable: 'Economic skies are dark'
The Liberal Democrat shadow chancellor Vince Cable has warned of bleak times ahead for the UK economy and particularly those in financial difficulties
[UKPRwire, Wed Jan 16 2008] During an appearance on GMTV, Mr Cable made it clear that the next 12 months will be very difficult for many people.
Not only will those who are already struggling find themselves even worse off, but many more people will also fall into financial difficulties.
"There are some big structural problems in the British economy," he said. "Notably the very large amount of personal debt, much of it mortgage debt secured against the housing market, which I think everybody now accepts to have been a bubble that is seriously overvalued.
"What we now see at the moment, if I can use an analogy of the weather, the skies are dark, we have got a lot of black cloud, we have got a few drops of rain, we don't know whether the storm is going to pass or whether it is going to be very severe," added Mr Cable.
Fast property sale expert Julian King adds, "People facing financial difficulty need to act quick in order to save themselves from repossession.
"Options are available to people in distress, but the first rule is to act quickly to avoid serious problems like repossession or having to face an IVA or insolvency".
Mr King is a Director of National Homebuyers, the UK's leading fast property sale firm that guarantees to make a cash offer to purchase each property quickly, regardless of its condition or location. The company is a leading provider of Mortgage Rescue Schemes such as Sell and Rent Back when the homeowner can sell their property for cash, but remain in their home as a tenant.