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Many in mortgage difficulty not seeking debt advice

16/07/2009

Research suggests that two in five people (41%) finding it difficult to make their mortgage repayments did not seek debt advice when addressing their problems, according to Adam Phillips, Chairman of the Financial Services Consumer Panel.

Nonetheless, seven out of eight of those experiencing difficulties did see their problems as serious.

Mr. Phillips said: "When people get into difficulty with their mortgages, they need constructive help and advice on the best way forward.

He went on to say: "We need to do much more to encourage consumers in difficulty to get advice early. Debt advice agencies must not be seen as a last resort when all else has failed."

A spokesperson for Debt Advisers Direct commented: "Anyone struggling with repayments to secured debts, such as their mortgage, should seek professional debt advice without delay.

"A professional debt adviser may be able to suggest a debt solution, such as a debt management plan, which could help an individual reduce payments to their unsecured debts, ensuring they can afford payments to their secured debts."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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