Seek advice regarding repossession

June, 12, 2008

The first priority for people facing repossession is to seek advice from a professional, a sector commentator recommends.

Jamie Elliott, coordinator at independent financial inclusion network Transact, explains that if people are getting out of their depth then they should seek guidance.

In news that may be of interest to people looking to compare popular mortgages, he notes that there is a wide range of advice available totally free of charge.

Mr Elliott explains that advisers can talk with creditors and lenders to agree on payments and, in some cases, even get debt written off.

Free remortage quote and/or advice

He suggests that people going through repossession also obtain the services of someone to represent them if they must attend a hearing.

"This really can make all the difference. Don't put your head in the sand," Mr Elliott concludes.

Figures compiled by Credit Action at the beginning of June suggest that secured lending on homes at the end of April 2008 stood at a total of £1,027 billion.

The Housing Market June 2008