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03-12-2008
Citizens Advice Director of Public Policy, Teresa Perchard said:
“The announcement today provides more reassurance to people, in particular working homeowners, that they need not face repossession of their home and reassurance to lenders that they can act fairly and make repossession a last resort.
“However to ensure that borrowers are not saddled with unreasonable and excessive payments after the 2 years are up it will be vital that both parties explore all the options available during this period. More also needs to be done to help those on the margins of the mortgage market whose lenders have not signed up to this scheme.
“Anyone who is has experienced a reduction in income should talk to their lender straight away. All lenders should provide an understanding and constructive response and help their customers arrive at a solution, taking into account the customers circumstances and ability to repay their debts. If your lender is not understanding then get free, confidential, impartial advice without delay. Getting advice, even at a late stage can help many people secure a workable agreement with the mortgage lender which prevents them from losing their home.
“Your local CAB can also check you are receiving all the benefits you are entitled to and help you claim any money that could off-set your costs. Up to £9.9 billion means tested benefits went unclaimed last year and a free, confidential benefits check could ensure that you aren't missing out on money that is rightfully yours.”
Notes to editors:
- The Citizens Advice service is a network of independent charities that helps people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more information in England and Wales www.citizensadvice.org.uk
- The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- Most Citizens Advice service staff are trained volunteers, working at over 3,300 locations across England and Wales.
- Advice and information www.adviceguide.org.uk
- Volunteer hotline 08451 264264 (local rate)
- Citizens Advice Guide to your rights, second edition: January 2008 - over 600 pages of practical, independent CAB advice. An invaluable resource for any bookshelf - available from all good bookshops; price £11.99; ISBN: 9780141034089
- Follow Citizens Advice on Twitter:
 twitter.com/CitizensAdvice
- Subscribe to Citizens Advice press releases via RSS news feed: www.citizensadvice.org.uk/pressoffice
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