17 Dec

Repossession support 'needs to remain in place'

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.ADNFCR-1222-ID-19518177-ADNFCR

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