Gaining appropriate debt advice can help struggling homeowners avoid having their property repossessed, it has been suggested.
According to the Council of Mortgage Lenders (CML), anyone with serious housing-related debt management problems should seek expert help as they battle to avoid repossession.
The council maintains that its members only turn to the courts to process a repossession claim as a last resort and that with the right advice this kind of action can be avoided.
Additionally, the CML has stressed the importance for people facing the prospect of losing their home of prioritising debts and managing them effectively.
The CML’s director general Michael Coogan commented: “Most people who suffer payment difficulties can get out of trouble by taking good advice, prioritising their debts and communicating with their lender early.”
Mr Coogan’s comments cam in response to data from the Ministry of Justice that showed the number of repossession claims made in courts in England and Wales was up 17 per cent in the first three months of this year compared with the same period in 2007.