17
Dec
Repossession support 'needs to remain in place'
Although the number of repossessions across the UK fell in the
third quarter of 2009, one industry expert has urged caution and
stressed the need for support structures for those struggling with
mortgage payments to remain in place.
Russell Hamblin-Boone, head of communications at the Finance and
Leasing Association, said: "All of the things that are being put in
place to help people avoid repossessions are just as important now
as they were at the beginning of the year."
The organisation gave a "cautious welcome" to the announcement from
the Financial Services Authority in December that repossession
figures for the last quarter showed a five per cent drop compared
with their peak at the start of the year.
Mr Hamblin-Boone's sentiments regarding support for people failing
to cope with their debts echoed a report released earlier in
December by Shelter, AdviceUK and Citizens Advice.
The three bodies called on the government to strengthen measures to
help homeowners who have fallen into arrears and prevent needless
repossessions.