FSA aims to offer debt help

The Financial Services Authority (FSA) has launched a new internet-based advisory service that aims to offer worthwhile help to the millions of people who are struggling to cope with their mortgage-related debt management problems.

Information about how to establish a debt management plan is available on the FSA’s new site and the organisation has also initiated a £2 million advertising campaign to promote the service.

The action from the FSA has come after its own research showed almost 20 per cent of mortgage borrowers are worried about repaying their debts and a quarter are not certain of how they will cope financially this year.

Chris Pond, director of financial capability at the FSA, said: “Economic conditions are getting tougher, putting pressure on family finance.

“Our new checklist sets out simple steps that homeowners can take to manage their money and mortgage in difficult times.”

Last week, the mortgage lender John Charcol claimed that home loan providers in the UK will be demanding a deposit from their customers in almost all instances over the course of this year.