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The CML Proposed New Measures to Prevent Home Repossessions

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The Council of Mortgage Lenders (CML) has set out a plan to help homeowners in risk of having their properties repossessed this year.

The CML have told the Prime Minister Gordon Brown, in a letter sent recently, that its members had agreed to a number of new measures which home repossessions can be reduced.

The CML says that if struggling homeowners are provided with relevant information regarding alternatives to manage their arrears home repossessions figures could drop significantly. Some other measures include clearer information about the stages creditors have taken prior to taking an arrears case to court and let borrowers know towards the end of the fixed term of their mortgage in order to advise them of the forthcoming payment rise.

The chairman of debt charity the Consumer Credit Counselling Service, Malcom Hurlston, has commented on this plan on ITV.com:

A greater readiness to find new ways of helping people whose mortgages are under water is needed, as well as a budget for a promotional campaign to direct people, good and early, to the best sources of advice.

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Category: Mortgages
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