Indebted urged to seek repossession help
Published On 23 December 2007
Homeowners who are struggling to meet mortgage repayments and could be facing repossession should seek advice about the various options open to them.Paul Fletcher, director of the Repossessions Advice Centre, said that it is better for people to seek help before their financial problems get too bad as lenders are more willing to help.
"There are options available, so it's far better to address the situation before it happens; to really sit down and budget yourself for the next year," he said.
"The problem is, as we know, people sit there and bury their heads in the sand because they don't understand it - and they wait for the inevitable to happen."
According to Council of Mortgage Lenders figures, 14,000 properties were repossessed in the first half of 2007.
Mr Fletcher said that either lenders or the courts can work out payment structures that are realistic to help homeowners clear their arrears but it is important to ensure any plan is affordable.
"You've got to have a viable and feasible plan," he said, adding that sometimes "people get desperate and put a structure in place directly with a lender which they can't afford".
