Struggling mortgage holders urged to get advice

Homeowners struggling financially have been urged to treat seeking advice as the “number one priority”.

Those facing repossession have been told they “must” find advice and the right legal support by Transact, the independent network committed to promoting financial inclusion.

May’s Ministry of Justice figures on repossession showed an increase of nine per cent since the fourth quarter of 2007 and a 17 per cent increase since the first quarter of 2007. Responding to this report, the Council of Mortgage Lenders (CML) expects 45,000 repossessions this year, the equivalent of one in 300 mortgages.

Jamie Elliot, a co-ordinator at Transact, warned homeowners facing financial problems not to put their heads in the proverbial sand.

“You must get advice and get someone to represent you if you are facing a repossession hearing. This really can make all the difference,” he said.

Householders pay an average of £3,790 on their debt per year, according to research by Credit Action, an increase of £343 in the last 12 months.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *