Friday 15th of May 2009
Lenders are working with borrowers to ensure repossessions remain low, it has been claimed.
Figures from the Finance and Leasing Association (FLA) revealed that the number of homes repossessed in the UK in the first quarter of the year was at a similar level to 2008.
And the organisation noted that those providing secured loans have been taking a "sympathetic approach" since the introduction of new guidelines in November, which include coming to arrangements so that repossession is a last resort.
Among the debt solutions available to consumers is an individual voluntary arrangement, as although these do not cover secured loans they can help borrowers keep on top of their other commitments.
Stephen Sklaroff, director general of the FLA, remarked: "Second charge lenders recognise the pressures that many people face in the midst of recession. It is to their credit that the number of repossessions has remained almost flat."
The FLA recently found that debt worries have prompted fewer people to take out unsecured loans.
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