Mortgage arrears a growing problem say National Homebuyers
People having financial difficulties as they struggle to keep up with mortgage payments are among the biggest concerns for Citizens Advice.
[UKPRwire, Mon Feb 18 2008] According to the charity, consumer debt is the number one problem, with people struggling to meet mortgage payments, pay off credit cards and generally clear debts.
During an appearance on BBC Radio Four's 'Today' programme, Citizens Advice policy director Teresa Perchard said that many people are struggling with financial difficulties.
"The number of problems we’ve been dealing with concerning consumer credit and mortgage arrears have been steadily rising in the last few years, and now debt is our number one problem<" she revealed.
"Most problems [that] come to us are about personal finance and money, either benefits or debt, housing, employment.
"1.7 million debt problems were handled by CABs last year, and we're bracing ourselves really to learn what's happening with the mortgage arrears and repossession statistics due out later this morning. And all the forecasts are of a very significant increase, which wouldn’t surprise us at all," she continued.
Fast property sale expert Julian King adds, "Our analysts are confident that we will see a 50 per cent increase in repossessions in 2008.
"People facing financial difficulties should be heartened that solutions exist to prevent them having their home repossessed. Sell and Rent Back is our most popular mortgage rescue arrangement, where the homeowner sells their home for cash and rents it back for an agreed rental fee".
Mr King is a director of National Homebuyers and is also a founder member of APBA, the Approved Property Buyers Association, which is calling for government regulation of the Quick Property Sale and Sell and Rent Back industries.
Del.icio.us
Digg
Furl
Blinklist
Reddit