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UK could see rise in repossessions
Citizens looking to receive an expert's opinion with regards to insurance, banks and credit matters may already be aware that the Consumer Credit Counselling Service (CCCS) has warned that a rise in repossessions could be on the cards.
The CCCS indicated it was pleased to learn that such problems were reduced in the second quarter of 2010 - as evidenced by the Council of Mortgage Lenders' most recent figures - but added that many individuals could struggle to make payments stipulated by courts.
Indeed, it could be the case that many people are affected by measures set to be introduced this October, which will see support for mortgage interest payments for the jobless cut from 6.08 per cent to 3.09 per cent.
Malcolm Hurlston, chairman of the CCCS, stated: "There is no doubt that lenders have shown leniency towards debtors during the recession by not enforcing suspended possession orders. However, this leniency may have been partly determined by the markets."
Meanwhile, Age UK has revealed that the volume of older people out of work has increased by more than 50 per cent in the last year.
Posted by Emily Jones
12/08/2010 17:38
News category: Consumer