The number of home owners expected to lose their property this year through repossession has dropped by 10,000 according to the latest forecast from the Council of Mortgage Lenders (CML).
The CML says there is now less pressure on home owners, since the Government stepped in to lower interest rates and encourage lenders to be more understanding with those who were struggling to make their monthly mortgage payments. It has revised its figures down from 75,000 to 65,000 possible repossessions.
This is welcome news for the thousands of people under constant threat of losing their home, says consumer law expert Andrew Leakey.
Andrew added: "The irony for some people laden with debt and facing repossession of their home is that some of it could be written off if they have their loan agreements looked at very carefully. We check hundreds of agreements each year free of charge for our clients, and a large percentage have discrepancies in them which mean in a lot of cases the debt can actually be wiped out."
“The CML has also dropped its estimate for the number of homeowners who will be in three months arrears or more by the end of the year from 500,000 to 425,000. But with unemployment levels at their highest since 1996, this figure is widely expected to rise.”
Andrew Leakey has been helping people facing repossession for many years and runs a dedicated website, www.debtandrepossession.co.uk to specifically advise those facing mounting debt problems.
Andrew and his team have helped hundreds of people get out of debt and stay in their homes, in many instances writing the debt off if there are discrepancies in their loan agreements.
Andrew added: “The irony for some people laden with debt and facing repossession of their home is that some of it could be written off if they have their loan agreements looked at very carefully. We check hundreds of agreements each year free of charge for our clients, and a large percentage have discrepancies in them which mean in a lot of cases the debt can actually be wiped out.”
If a loan is legally binding, Stephensons can negotiate with creditors on a client’s behalf, seeking remedies such as reduced payments, voluntary arrangements and, when appropriate, bankruptcy. There are also various funding options open to people, including legal aid and conditional fee arrangements, also known as no-win, no-fee.
Visit www.debtandrepossession.co.uk or call Stephensons’ free debt helpline on 0800 694 0189.
