Not only are households feeling the stress of exorbitant house prices and the resulting credit crunch. Have a thought for the Sheriff Officers who have to evict defaulting home owners, and worse still many renters who have always paid their rent on time, but the only thing they have done wrong is to have picked a landlord who have defaulted on the mortgage payments.
The NSW Sheriff’s Office has to carry out up to 40 evictions a day as families and property owners struggle with skyrocketing interest rates and mortgage repayments. And officers are starting to suffer stress and guilt from evicting people.
However it doesn’t appear the Sheriff Office is the only people working overtime. With many more people defaulting on the smaller utility bills such as Gas, Electricity and phone, debt collectors around the country are putting in the extra hours. But according to a survey by credit reference agency Dun Bradstreet, people who default on their smaller bills are five times more likely to default on larger loans. Maybe this is a hint to start recruiting for more Sheriff Officers?
» Sheriffs feel strain of repossessions – Sydney Morning Herald, September 30th 2007.
» Struggling mortgage-holders defaulting on household bills – The ABC, September 28th 2007