Government Still Needs To Do More To Help Struggling Homeowners
Over the course of the past twelve months, the effects of the credit crunch and the current economic slow down have had a dramatic impact on many people, particularly homeowners, many of whom are struggling to maintain the repayments on their homeowner loan, or other secured loan.
Both the level of loan arrears and number of homes being repossessed has increased alarmingly over the past few months and this trend looks set to continue well into the coming year.
Although the Government have announced and introduced a number of plans and measures to try and help those homeowners who may be struggling with their loans, many experts claim that these have not gone far enough and that the Government could do much more to alleviate the situation for many borrowers.
The latest individual to voice his opinions is Chris Jenkins of the Homeowners Advice Centre, who has joined many others in saying that the Government needs to help banks and building societies to relax their lending criteria when it comes to offering new homeowner loans and that lenders should return to offering loans at the same level they were prior to the credit crunch.
Mr Jenkins has also suggested that the Government should start offering the extremely controversial sale and rent back schemes, which are currently being investigated by the Office of Fair Trading (OFT), to those facing repossession. This option would certainly offer more security for borrowers struggling with their loans, if they could take such a scheme which was Government backed, rather than having to opt for one of the many currently unregulated schemes which are being operated by a large number of companies at the moment.
