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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`

CML: Debt advice helping homeowners avoid repossession

12/02/2009

The Council of Mortgage Lenders (CML) has said that action taken by borrowers is helping to reduce the number of repossessions taking place.

For example, the CML said that an increase in the number of borrowers seeking debt advice has helped “…at a time when many consumers will have various debts and credit commitments, and not just a mortgage”.

The CML also stated that the large difference between the number of court actions and actual repossessions highlights lenders’ willingness to explore ways of addressing borrowers’ difficulties in making repayments.

A spokesperson for Debt Advisers Direct said: “Repossession is usually a last resort for lenders, and there are a number of things borrowers can do if they are struggling to meet their debt repayments.

“They should always contact their lenders to discuss their options. They should also seek professional debt advice and explore the debt solutions that may be able to help them.”

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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