Government Promotes Help And Advice On Loan Repossessions
The effects of the credit crunch and recent recession have had a huge impact on many individuals living in the UK.
Job losses and loss of earnings have caused many borrowers to struggle to keep up with the repayments on their personal loans and home owner loans, which has led to the inevitable situation where lenders are seeing an increase in the amount of loan arrears cases and therefore defaults and repossessions. The Government has already taken action to help those struggling with their loans to obtain free help and advice, but as the UK leaves recession, the risk of repossession for many is just as strong as it ever was and therefore the campaign is being extended.
The Housing Minister, John Healey, has announced an extension to the Government’s campaign of free and readily available help and advice on loan arrears and other debt problems, which will be focused on 56 areas of the country which are classed as loan repossession “hotspots”. The campaign will be run in conjunction with the Citizens Advice Bureau (CAB) and will be promoted through TV and radio advertising and offer free impartial advice on loan arrears and avoiding repossession in many public places, as well as by telephone and on line.
Mr Healey said “With the pressure on homeowners set to continue this year, I’m determined that they get the help they need. That’s why I’m extending our campaign so that families across the country can get the free, impartial advice they need online, on the phone or on the high street. And that’s why I’m boosting councils’ coffers in the high risk areas so they can ensure people get the individual, flexible support they may need. The comprehensive range of Government help available, and tougher rules on lenders, will mean that repossessions remain a last resort.”
