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Homeowners`must` seek advice over repossession threats

12/06/2008

People who are facing home repossession as a result of rising debts "must" seek professional advice about their situation, an industry expert has claimed.

As repossessions and debt problems rise, many more people are finding themselves struggling to cope with their financial situation.

However, according to Jamie Elliot, a coordinator at Transact, homeowners are not seeking professional advice about their financial situation and, instead, are looking to battle it out for themselves.

He said: "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."

Figures from the Council of Mortgage Lenders (CML) revealed a 17 per cent year-on-year increase in repossessions in the first quarter of 2008.

The CML predicted that there would be at least 45,000 home repossessions by the end of the year, equating to one in every 300 mortgages.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according