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Christmas Repossession Debt Reality for British Debtors

British Debtors Face A Cheerless Christmas As Repossession Becomes A Reality

John Fairhurst, Managing Director of Payplan, the free debt solutions provider, gives reaction to the Government’s Repossession Guidelines.

Payplan Welcomes Repossession Guidelines

“We welcome today’s implementation of the Government’s guidelines to help those facing repossession, which is a growing and very real problem in Britain today.

Rise In Charging Orders & Orders of Sale

“Payplan regularly sees people making the mistake of prioritising credit card debt repayments above more important debts, such as their mortgage. They have a mistaken belief that repossession simply won’t happen in their case, and that their home will remain safe. Recent rises of 48% in the number of repossessions in the first half of this year show how urgent this problem has now become. Alongside this, increasing numbers of unsecured lenders are now also applying for ‘Charging Orders’ which allow them to seek ‘Orders for Sale’ if repayment arrangements are not maintained.

£42,000 Average Unsecured Debt

“Those coming to Payplan for help with mortgage arrears owe on average £42,000 to unsecured creditors in addition to their mortgage debt. Often mortgage lenders are unaware of this additional debt, without understanding the full problem they are unable to offer a sustainable solution. Hopefully, these new guidelines will improve communication between borrowers and lenders, and allow for better understanding from both sides.

Christmas Debt Stress

“In our experience many people worry that their home will be at greater risk if they admit the full extent of their problems. This is simply not the case, we find that it is almost always possible to both save the home and reduce debt repayments to an affordable rate. We urge over-indebted Britons to get help now rather than face a Christmas of stress and worry about debt.”

Mortgage Arrears Help and Repossession Advice

Consumers having difficulty paying their mortgage should call the Payplan Mortgage Arrears Hotline on 0800 917 7819 or they can submit their mortgage arrears details online.

Written by on November 19th, 2008

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