Friday, 14 August 2009

Response to mortgage repossession and arrears figures

Citizens Advice’s head of consumer policy, Sue Edwards said:

"Today’s figures show that some lenders are showing much more forbearance and doing a lot more to help people in arrears. In addition factors such as market conditions, interest rates and the package of policy measures from the Government and guidance from the CML have all played a part in ensuring people struggling with mortgage repayments have more options to explore before needing to apply for such schemes.

"The really vital thing is that people should actively engage with their lender early on because what might have been a hopeless situation a year ago could now be effectively addressed by lenders showing more forbearance. Many are offering more repayment solutions and through added protection such as the pre-action protocol for mortgage arrears which is designed to make sure that possession action really is a last resort. It is still too early to tell whether these schemes are being used effectively and are helpful, but the Government and lenders need to keep on top of this as the situation progresses.

"Above all, if people need help in negotiating with their lenders, or are worried about their finances, free, confidential and impartial advice can be found at their local Citizens Advice Bureau or at our website,"

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