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Repossession `may be best` for homeowners struggling with debt

15/02/2010

According to the Housing Minister, John Healey, repossession may be `the best thing` for some people struggling with their mortgage debt, the Telegraph reports.

Mr. Healey made the statement as figures from the Council of Mortgage Lenders (CML) showed that an average of 126 repossessions took place every day in 2009.

In an interview on BBC`s Radio 5 Live, Mr. Healey was asked why, despite help from the Government, there were 46,000 repossessions last year.

He said: "Sometimes it is impossible for people to maintain the mortgage commitments they`ve got... it may be the best thing in those circumstances."

The CML is expecting to see a rise in repossessions and the number of people falling behind with their monthly mortgage debt repayments in 2010 - stating that household finances will `come under greater pressure amid economic uncertainty and possible interest rate rises`.

Managing Director of European Forecasting and Analysis for Global Insight`s Intelligence Group, Howard Archer, warned: "A significant number of homeowners are still at risk. Unemployment is relatively high… many people have suffered wage freezes or even cuts, debt levels have risen and credit conditions remain very tight. Even if the economy can sustain recovery, activity is unlikely to be strong enough for some time to come to stop full-time employment falling further."

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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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