Rock ‘awaiting debt surge’

The newly nationalised Northern Rock bank is expecting a considerable surge in the number of people approaching its staff for debt advice, it has been suggested.

An internal memo revealed that the bank is set to more than double the number of debt management experts on its workforce by March of next year.

Household budgets are being squeezed across the UK and Northern Rock appears to be anticipating a significant increase in the number of people needing assistance in dealing with their debts.

Additionally, it is thought that the bank is actively encouraging its mortgage customers to switch to other lenders in an effort to reduce the scale of its loan book.

The BBC reports that the bank is hoping to cut its outstanding loan level in half from £100 billion as part of a plan to repay the £24 billion loan handed to it by the government.

Meanwhile, a report from MoneyFacts.co.uk revealed that mortgage deals made available in the UK are now only on offer for an average of 11 days.

Written by Frank Charlton

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