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A man's home is his castle - until he can't pay the bank

The number of properties repossessed by mortgage lenders in the UK has risen by 48% in the past year it has been reported .
The number of mortgage holders behind with their payments has also gone up.
That rose by 29% .
One of the most vigorous repossessors has been the Northern Rock bank, now state owned. It revealed this week that its own repossessions had risen by 67% in the past year .
Capitalism expects the system and the government to bail it out but when it comes down to Joe Public requiring financial assistance - no chance .

The reward for failure

We read Northern Rock's former boss Adam Applegarth received a £750,000 pay-off when he left last December. Applegarth, who is 46, is also entitled to draw on a pension pot of £2.5m at the age of 55 . Experts say that could bring him retirement benefits of up to £200,000 a year.

As we all have read Northern Rock collapsed and bad management was a factor in this bank's demise . So is this a capitalism's reward for failure ?

Many of us facing attacks on our final salary pension schemes will also be wondering why we have to work longer for less while the rich can dip into a retirement pot of gold .

Northern on the Rocks

Northern Rock , the bank that is in crisis , has been paying a number of its senior managers secret bonuses according to a report in the Independent .

The bank has sanctioned millions of pounds in confidential "retention bonuses" to managers and management board directors deemed "essential to its continuing excellent operational performance". Some 173 staff out of a workforce of more than 6,000 have been paid the bonuses. An outlay of more than £2 million a month on bonuses to this select band of employees.

As the saying goes "The Devil protects his own"

Preferential Treatment

How different the government can respond to some financial woes .

Mr Darling told MPs the government had a clear duty to protect the public interest . The government put up huge loans to save the Northern Rock bank , emergency funding equivalent to twice the amount of the annual primary school budget. Deposits of savers would continue to be fully guaranteed .

Contrast now the collapse of the Farepak Christmas savings club that last year drove many of its low-income victims into a cycle of debt according to a union-sponsored report . Many of those affected were low-paid women saving small sums for Christmas who went into debt to buy the gifts they had been expecting to purchase with their Farepak savings . Over 122,000 people have lodged claims , and they have been told to expect just 5p in the pound for their claims, and that there will be no payout this year.

Centre for Crime and Justice Studies Director Richard Garside. said "Many Farepak customers are asking why, if the gover…