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Homeowners facing repossession should seek advice
12 June 2008
Homeowners at risk of having their property repossessed should get advice immediately, claims an independent financial advisor.
With 45,000 homes facing repossession this year, according to the Council of Mortgage Lender, homeowners need to contact their local citizen's advice bureau if they feel in financial danger.
Jamie Elliott, coordinator at Transact, said: "If you feel you are getting out of your depth and you can't cope, the number one priority is to seek advice. There is free advice out there."
While the credit crunch has increased mortgage payments for many, homeowners should not ignore the increased risk of repossession.
"For those going through repossession, you must get advice and get someone to represent you if you are facing a repossession hearing. This really can make all the difference. Don't put your head in the sand," said Mr Elliot.
Research by Credit Action revealed that total secured lending on homes had increased by 8.7 per cent on the previous year.
