Co-Op Joins With Shelter To Stop Repossessions
The past couple of years have seen a huge increase in the number of houses being repossessed by banks and building societies, as borrowers find it increasingly difficult to maintain the repayments on their home owner loan or mortgage, as well as all their other personal loans and other debts, in the face of the recent recession and economic slow down leading to reduced income through either a loss of overtime and bonuses, or unemployment.
Whilst many experts now believe that we are over the worst, the Co-operative has said that it believes repossessions through loan arrears is likely to top 50,000 throughout next year.
As a result of this, the Co-op joined forces with the housing charity Shelter at the start of 2009, in order to help those borrowers with loan defaults and arrears remain in their homes and not suffer repossession. The insurer pledged to donate £10 to the charity for every new house insurance policy taken out.
The Co-op bank, who has one of the lowest levels of loan arrears and repossession figures in the entire industry, recognises that Christmas is a particularly difficult time for many and has therefore doubled its support for Shelter throughout December, hoping to raise £24,000 for the charity.
James Hillon of Co-operative Insurance said “Sadly, there are many families, couples and individuals who are at risk of repossession or eviction around the UK particularly at Christmas. The Co-operative Insurance fully supports Shelters admirable work to help people by providing valuable help and advice to those who may be at risk of losing their homes or who are struggling to manage their financial commitments.
In 2010 we will be looking at additional ways in which we can build on the existing support provided to Shelter to ensure that those most at risk don’t face the unthinkable consequence of losing their home.”
