EuroDebt urges homeowners to get their house in order

December 2010

CML predicts rise in repossessions in 2011

Leading debt solutions provider, EuroDebt is urging homeowners already facing financial stress to try to get some control on their finances and put their house in order following the Council of Mortgage Lenders' prediction today that repossessions will rise in 2011.

Vance Parsons, Director, EuroDebt said: "The CML's annual forecast paints a gloomy picture for homeowners. Losing your home is one of the most devastating things that can happen to an individual – and for many people, this will be through no fault of their own. In 2010, 15% of our clients were already in mortgage arrears when they came to us for help and with unemployment figures rising it seems for many, the worst is yet to come.

"While levels of arrears and repossessions have been falling helped by low interest rates, 2011 is going to be a very tough year for many households as the spending cuts really take hold, impacting jobs and household income levels. As a consequence, a rise in mortgage arrears and repossessions is predicted.

"Those facing financial difficulties should not delay seeking help to gain some control over their finances, particularly if they are already in arrears on their mortgage. This is where a debt solution from a reputable provider such as EuroDebt Financial Services can really provide a lifeline for individuals unsure which way to turn.

Vance Parsons concludes: "Mortgage payments and arrears repayments are treated as a priority in a Debt Management Plan (DMP) along with council tax, utilities and critical insurances. And that means mortgage providers will get paid before other unsecured debts. Indeed, at EuroDebt one of our priorities is to protect a client's home and ensure that a realistic repayment arrangement is negotiated to clear mortgage arrears as part of a holistic debt solution."

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