Tuesday 28th of April 2009
Homeowners who are struggling to repay their mortgages have been urged to seek advice.
The Co-operative Bank noted that repossessions have been predicted to rise this year, something that consumers may be able to avoid by seeking IVA help.
However, the lender provided encouragement to those with debt management issues by noting that it views repossessions as a last resort.
Announcing that it has been involved in just eight over the last six months, it emphasised its willingness to consider new payments plans and address other solutions.
Head of mortgages at The Co-operative Bank Terry Jordan remarked: "Our repossession figures as a proportion of our mortgage book are extremely low, when compared with the industry average," adding: "We are committed to helping people stay in their homes."
Recent Council of Mortgage Lenders statistics indicated that 900,000 homeowners in the UK are currently in negative equity, a fact the body observed could lead to repayment problems if combined with a loss of income.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Information on IVAs may help you burst your debt bubble
