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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Report calls for statutory regulation of sale and lease back schemes

16/10/2008

A new report has called for statutory regulation of the sale and lease back industry in order to increase consumer protection.

Such schemes are usually taken up by homeowners who are facing difficulties with their personal finances - such as high-level debt - and potential repossession of their properties.

According to the Office of Fair Trading (OFT), some consumers enter into such a deal when it is not the best option for them, while some sale and lease back firms may mislead people about the value of their homes and about the length of time they can remain there as tenants.

It states that some homeowners enter into deals believing they can remain in their home for years when in fact the tenancy may only be guaranteed for six to 12 months.

The OFT report goes on to say that, although the details of regulation should be left up to the Financial Services Authority, it should include an obligation for sale and lease back firms to be more transparent about initial property valuations, tenancy terms and the amount of rent to be paid.

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