Debt worries will continue, says expert

Consumers will continue to face debt problems and the threat of repossession, according to an expert.

Sarah Webb, chief executive of the Chartered Institute of Housing, was commenting after figures showed many people are still struggling with living costs and in some cases losing their homes as a result.

The Council of Mortgage Lenders (CML) revealed that 46,000 properties were repossessed last year – 15 per cent above the level of 2008.

And despite the result being below CML forecasts, Ms Webb stated that difficulties are expected to remain for borrowers.

In May last year, she noted, a YouGov survey indicated that a quarter of British adults were expected to face financial difficulties over the following 12 months and she argued that “the picture is likely to be just as bleak for some time to come”.

“Help and advice for tenants who are struggling with their finances is vital,” the expert added.