Wednesday 22nd of April 2009
Help for homeowners who are suffering from a temporary drop in income has come into effect.
The government’s Homeowner Mortgage Support scheme allows those who are facing debt management problems to pay a reduced amount in interest for up to two years.
Housing minister Margaret Beckett explained that the action came about as a result of co-operation between the government, lenders and other bodies and that it will ensure "real help" is given to consumers.
"On top of the range of measures we’ve already put in place, this new support will help borrowers who just need a bit more time to get themselves back on their feet," she said.
Those who need greater debt management help may benefit from the recent introduction of debt relief orders.
Coming into effect earlier this month, they allow consumers on low incomes who cannot afford bankruptcy to write off what they owe (providing it is less than £15,000) and begin again after a year.
