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Debt Charity Calls For More Help for Hard-pressed Homeowners

Debt Charity Calls For More Help for Hard-pressed Homeowners The Money Advice Trust called for more help for homeowners facing repossession ahead of a meeting with government ministers.


“At National Debtline we have seen a 35 per cent increase in enquiries from callers with mortgage arrears, comparing the month of January from 2006-2008,” revealed the charity’s chief executive Joanna Elson.

She said that the figures suggest that many homeowners are feeling the effects of the credit crunch and of last year’s interest rate rises.

Ms Elson added, “We have already produced a leaflet with the Council of Mortgage Lenders to offer some early advice for the estimated 1.4 million homeowners who are due to come off their fixed rate mortgage during this year.

“It is imperative during these difficult times that the government, the banking industry and the advice sector work in partnership together to minimise the number of homeowners getting into serious difficulty and keep people in their own homes wherever possible.”


The Money Advice Trust issued the call before meeting Chief Secretary to the Treasury Yvette Cooper, Economic Secretary to the Treasury Kitty Ussher, and Housing Minister Caroline Flint.

Representatives of leading debt advice agencies and consumer groups were also at the meeting, which discussed what additional support can be given to homeowners facing problems due to the difficult financial climate.

Following the meeting, the government released details of its plans to help homeowners who are struggling to pay their mortgages.

Ms Flint said that it will offer more free legal advice for those facing repossession due to mortgage arrears, along with specialist training in the subject for debt advice agencies.

Loan News posted on 16 May 2008

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