New advice for Brits threatened with repossession

A new advice service has been introduced that will aim to help individuals around the UK who are at risk of losing their home due to debt management problems, it has been announced.

The UK Insolvency Helpline claims to offer independent and confidential advice and more of its resources are now set to be focussed on helping people threatened with repossession.

According to the helpline, the move to focus on repossession has come because of the anticipated increase during 2008 in the number of homeowners finding their debt problems impossible to manage.

“Its never too late to act, the service had already stopped hundreds of repossessions even where the caller has been within days of being evicted,” said Ian Boden Smyth, a spokesperson for the service.

Meanwhile, Peter Beckett, business development director with iammoving.com, recently suggested that using unsecured debt to fund a housing deposit could be a very risky financial strategy.