People facing serious debt management difficulties have been urged not to ignore their problems in the hope that they will disappear.
It is particularly important to keep a sharp focus on proceedings if your lender is trying to legal repossess your property, according to Jamie Elliot from the financial inclusion champion Transact.
Mr Elliot maintains that even under these circumstances, decisions can be made that later prove to be of crucial importance for a person’s financial wellbeing.
But the priority for anyone facing debt problems or the prospect of repossession should be to communicate effectively with relevant lenders, he said.
“If you feel you are getting out of your depth and you can’t cope, the number one priority is to seek advice,” he made clear.
British families currently pay out an annual average of around £3,790 to service the interest on their respective debt management burdens, according to figures form Credit Action.