CML offers debt advice

The Council of Mortgage Lenders (CML) has joined forces with two charities to offer debt advice to homeowners in difficulty.

Shelter and Citizens Advice have collaborated with the CML to give guidance to people that may be struggling with arrears.

Borrowers were urged to take action as early as possible to help them stave off the threat posed by repossession.

And the bodies advised that problems should not be ignored and allowed to mount up as this can only make a situation worse.

CML director general Michael Coogan stated: “The vast majority of those who face temporary problems will be able to work with their lender to find a solution. The key is to tell your lender straight away and keep paying what you can.”

Meanwhile, David Kuo from Fool.co.uk has said that maintaining a reasonable level of control over finances and ensuring that repayments are made on time is the best way to boost a credit record.

By Jamie Price