Most people struggling with debt management who have fallen behind on mortgage repayments do not see their homes repossessed, new research has indicated.
Findings from the Building Societies Association (BSA) revealed that 97 per cent of those in arrears have either succeeded in paying them off or are in the process of doing so, with positive results being yielded more often for those who sought independent advice.
Welcoming the research, Joanna Elson, chief executive of the Money Advice Trust, stated that people who get further counsel regarding their debt generally “feel more empowered” in improving their financial status.
Head of mortgage policy at the BSA Paul Broadhead said: “Those that face payment problems should â€¦ not be daunted by their arrears, but should take control of the situation by seeking help as soon as they can.”
Last month, indebted people were advised by Beccy Wilks of the Money Advice Trust to get help quickly if they think their situations are worsening.