Cccs Response To Cml Repossession Figures

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CCCS RESPONSE TO CML REPOSSESSION FIGURES

Malcolm Hurlston, chairman of the Consumer Credit Counselling Service said “These figures are concerning, however there is certainly worse to come. We warned in January 2007 that homeowners would be put 'on the rack' over the coming year and developed a specialist Centre for Mortgage Arrears and Repossession Counselling to deal with the demand we that we were expecting.
"It is vitally important, as the squeeze on household finances continues, that borrowers seek help as soon as they get into difficulty. When finances come under pressure, it is easy to bury your head or prioritise the wrong payments. Our trained counsellors can offer independent advice and our web-based “CCCS Debt Remedy” counselling service is available 24 hours a day."

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For further information:
Frances Walker 020 7636 5214, fwalker@hurlstons.com
Notes for editors:

1. The latest Bank of England household finances survey shows that 60 percent of mortgagors have unsecured debts, compared to 50 percent of renters and 30 percent of those who own their property outright. (Bank of England Quarterly Bulletin, Q4 2007)
2. The FSA's Financial Risk Outlook for 2008 noted that repossessions as a proportion of long term arrears are at their highest ever level (60%) – previous peaks were 1987 (c. 50%) and 1999 (c.50%)
3. CCCS Debt Dashboard Q4 2006 noted that the average unsecured debt of mortgaged clients was almost double that of renters.
4. CCCS helpline number is 0800 138 1111 (8am-8pm, Mon-Fri). CCCS Debt Remedy is available at https://www.cccs.co.uk/debtremedy

February 8 2008