A recent report conducted jointly by the Citizens Advice Bureau, AdviceUK and Shelter has emerged as a damning indictment of Britain’s mortgage lenders. It claims that they are wantonly disregarding the rules which have been designed to help homeowners avoid repossession. In a staggering third of all recorded cases, lenders had flagrantly failed to comply with the new rules which compel them to take court action only as a last resort. Lenders should be taking homeowners through the other debt solutions on offer before the legal recourse. These findings suggest that this isn’t the case.
The report is based on the findings of financial advisors who give last minute advice to individuals facing bankruptcy and repossession when they arrive for their time in court. This shows that, on the day of their repossession hearings, individuals were finding that if they had been privy to the proper information, the painful experience could’ve been avoided. This last minute advice, provided by a court duty desk adviser, is proving to be crucial in helping people capitalise on any slim chance that the repossession of their family home could be prevented. An absolutely astonishing number of the cases analysed, more than three quarters, found that they could avoid the immediate loss of their home. Sadly though, due to the debts that put them in that position to start with, it’s estimated that half would struggle to sustain the repayments schedule. So, for many, the risk of repossession still looms and has simply been delayed.
In order to more successfully dodge the threat of repossession, being made aware of the possible debt solutions earlier would be a huge help. It is lucky then, as the lenders are letting down so many vulnerable homeowners, that there are specialist debt advisors at Harrington Brooks on hand to offer you the specialist support you need. The sooner you face up to your debt problems, the better. We’d still advise that you talk to your lender whenever you find yourself struggling to make a repayment but remember that there is free, impartial debt help available from one of the UK’s oldest and most respected financial institutions. After all, everyone’s circumstances are different so it pays to talk to someone with vast experience in dealing with cases of all kinds. Use the Harrington Brooks Debt Wizard to find out which debt solution would be best suited to someone in your situation. We have a dedicated Stop Repossession Service which can give you support throughout the entire process and we will do everything in our power to help you to fend off repossession if possible.