Debt management could help further reduce repossession rate
Debt management could help further reduce repossession rate
Monday 17th August 2009
Data released by the Council of Mortgage Lenders reveals that 1,300 fewer repossessions were made in the three months to June, dropping from 12,700 to 11,400.
People facing repossession could consider speaking to a debt management specialist. With the re-ordering of finances, payments could be controlled and repossession avoided.
The UK Insolvency Headline (UKIH) said that although the level of repossession within the UK was falling, the long-term maintenance of such a drop would remain relative to interest rates.
Ian Boden-Smyth, money advice coordinator for the UKIH, said: "The key to repossessions staying at a low rate will be purely interest rates staying at a low rate. If they go up – three, four, five, six per cent – that is where the problems are going to arise."
He went on to say that while the situation looked to be improving, the UKIH expected repossessions to increase in the near future.
He added: "There has been a drop [in repossessions] this quarter, but don't hold your breath because we could see a bit of an increase early next year, especially if the interest rates go up."
Those facing repossession might consider seeking professional debt management advice.
Approximately two million households are either in negative equity or have equity of less than ten per cent, according to John Charcol.
News article brought to you by Debt1 – UK debt management specialists
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