‘More cooperation needed’ to help struggling homeowners

More cooperation between the government, banking groups and debt advice providers is required if the UK’s struggling homeowners are to be helped effectively, it has been claimed.

The Money Advice Trust is keen to see organisations across the country work together to provide support for the many thousands of homeowners who can barely afford to meet their mortgage repayment demands.

Highlighting the urgency of the situation, the charity has cited figures from the National Debtline that show its staff have seen a 35 per cent rise in mortgage-related
debt management inquires in the past two years.

Chief executive of the Money Advice Trust Joanna Elson said: “It is imperative during these difficult times that the government, the banking industry and the advice sector work in partnership together to minimise the number of homeowners getting into serious difficulty.”

Earlier this month, the Ministry of Justice revealed that the number of repossession claims brought to court in the first three months of this year was 16 per cent up on the same period in 2007.