Loans - Record number of consumers seek loan advice - 14/10/2008

 
 
 

Latest statistics have shown that debt advice centres are receiving record number of enquiries concerning loan and mortgage financial woes from worried consumers.

An increasing number of individuals are now seeking advice with regard to bad debts and increasing levels of arrears on their mortgages and secured loans.
The revelation from the Citizens Advice Bureau, have revealed that advice about personal loans and mortgage have increased by 35 per cent over the past year, with a further increase expected.

David Harker of the Citizens Advice Bureau said “The number of enquiries about basic essentials is worrying and these figures show how the current economic situation is hitting vulnerable and low income households the hardest.’’

He continued, ‘‘To prevent this situation worsening, it is vital that mortgage lenders do everything in their power to help people in arrears to come to a workable solution over repayment arrangements, rather than piling on extra charges. All creditors should treat borrowers in arrears fairly and sympathetically, negotiate with borrowers in trouble and only use court action for mortgage arrears as a last resort.”

   
 
     
 
 
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPATMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

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