National Debt House Repossession Record

Writing by Paul on Tuesday 12 February 2008

Record Repossessions Advise CML

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At 27,100, national house repossessions have risen to their highest level since 1999. Whilst these figures are not as high as were expected by the Council of Mortgage Lenders (CML), it is still too soon to predict the outcome for 2008, reports Credit Today, and does not guarantee a slow down in those seeking debt advice.

Economy, Recession & Repossession

As fears continue for the stability of the world’s economies and mutterings of recession are heard in financial circles, the effects of the credit crunch and the ability of banks to pass on recent Bank of England interest rate cuts to their customers could be crucial in shoring up any further increase in home repossession figures.

Repossession Court Action

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What is important is that those who fall into difficulty, either because of rising mortgage payments or increased levels of unsecured debt, get debt help at the earliest stage possible. This may not always come directly from the lenders themselves as Sue Edwards from Citizens Advice recognises - some secured and mortgage lenders are too quick to take court action against struggling borrowers. Michael Coogan from the CML advises that lenders can help flailing borrowers by rescheduling payments, extending loan terms or even allowing payment breaks.

Ask For Debt Help

Whoever is correct, it is sometimes hard to think clearly and very easy to lose focus when creditors are vying for their share of your income. Importantly, when priority costs such as mortgage, secured loan or council tax payments begin to fall behind, it is time to take debt advice and ask for help.

Free National Debt Advice

Payplan are a national debt advice organisation who offer free debt solutions and debt help for all situations across the UK. If you are unable to pay your credit card and loans and are falling behind with mortgage and secured loan repayments, then at the very least, Payplan can offer you free and practical national debt advice.

Call Payplan free on 0800 917 7823 or submit your details online for immediate national debt advice.

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