Page last updated at 01:15 GMT, Wednesday, 8 April 2009 02:15 UK

'The payments kept going up'

Ian Angus, from Airdrie in North Lanarkshire, had his home of 40 years repossessed in June 2008.

The 60-year-old said he never thought he and his wife Imelda would ever have the chance to own their own house, so they were delighted when they were able to buy the family home where their four children had grown up from the council.


Mr Angus said it was too easy to get credit against the value of his property

"I'm just a working chap and at the end of the day when an opportunity come up through the council to buy your property, I said well let's go for it. So I went for it. It just happened and it was very easy to get a loan off the mortgage company," he said.

"If you paid fine, then maybe you'd get another one that was a wee bit dearer and then all of a sudden you were re-mortgaged, you go with another company, you get a good fixed rate, you'd pay that.

"But all of a sudden that rate changed, three year and it was a higher rate so you're paying more.

"At the end of the day when I went with Northern Rock, the mortgage at the start seemed fine, we were paying it and then all of a sudden every other month you were getting a letter in saying mortgage is up £26 this month and eventually it was up £60 and then it was up and up and up and it never stopped going up."

I've never had a lot of money and I just tried and that was it. I just fell into the line and that was it
Ian Angus

Mr Angus said he tried not to allow himself to drift deeper into debt but it was too easy to get credit against the value of his property.

He said: "I've never had a lot of money and I just tried and that was it. I just fell into the line and that was it."

Mr Angus thought he might be able to save his home through Trust Housing, a scheme where the council would buy the property and allow him to rent it back.

But he said Northern Rock refused to accept the offer and continued with the repossession proceedings.

He said: "Up to a month before the house got taken, we were shocked, right up to the man saying we'd to be out by the 18th of June and that was it. I was absolutely shocked, I couldn't believe it.

"There wasn't a thing I could do about it. I couldn't turn anywhere or go anywhere. So I just emptied the house as much as I could and took everything up to there, to the skips and dumped everything, and that's what we did."

Mr Angus said he could not afford to defend the repossession in court as he was not entitled to legal aid.

"That's the life is I suppose until somebody puts a stop to it. They can all dance about with their big bonuses that they get. I work, I don't get any bonuses. I don't get any bonuses but they do."

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