Pressure On New Chancellor To Help Those Struggling With Loans
It may be all change at number 10, with new people trying to do old jobs differently in order to make an impression and hopefully change things for the better, but some things never change.
Despite the UK officially leaving recession, there are more and more individuals struggling to keep on top of the repayments on their home owner loans, as unemployment continues to rise and any signs of economic recovery are extremely slow.
Four loan industry groups have written to the new Chancellor George Osbourne and the Business Secretary, Vince Cable, urging them to offer ongoing help and support to those borrowers who are struggling to maintain their home owner loan repayments and could possibly be facing repossession through loan arrears.
The letter has been sent by the Building Societies Association (BSA), the Council of Mortgage Lenders (CML), Citizens Advice and the housing charity Shelter and calls on the new government to make a long term commitment to looking after those borrowers who are struggling with their loan repayments.
Although the latest figures show that the level of arrears on home owner loans and mortgages are slowly decreasing, this is largely due to the current low level of interest rates, as well as existing government schemes to help with loan arrears.
Adrian Coles of the BSA said “The current support schemes in place were implemented as temporary measures due to finish at the end of this year. Furthermore, with a new government in place, there is a risk the schemes could be pulled early, resulting in many homeowners being left with no safety net.”
“We believe it is important that these measures remain in place to help those at risk of repossession and that there is a real need to commence work on implementing a long term support programme.”
