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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`

RBS to delay mortgage arrears action

03/12/2008

The Royal Bank of Scotland (RBS) has announced a substantial ‘grace period’ for homeowners who fall into arrears on their mortgage payments.

The bank, which has a 7% market share, will not begin repossession proceedings on a homeowner’s property unless they have fallen behind on payments for at least six months.

This amounts to double the three-month grace period for struggling homeowners announced in last week’s Pre-Budget Report.

A spokesperson for Debt Advisers Direct commented: “This decision by RBS will give more homeowners the chance to get their finances in order and avoid repossession.

“We urge any homeowners who are struggling with debt to seek debt advice as soon as possible. The repossession grace periods will give homeowners some ‘breathing space’, but in that time they should be looking to actively tackle their debts.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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