The number of people seeking advice for debt has surged according to statistics revealed by the Citizens Advice Bureaux. More people are turning to the charity after falling behind with payments for mortgages, secured loans and fuel debts.
According to Citizens Advice between July and September there has been a 51 per cent rise in new mortgage and secured loan enquiries on the same period last year and a 10 per cent rise in fuel debts.
The organisation’s statistics show that it takes lender an average of 4 months to start repossession action and that the most likely causes for falling into arrears are loss of job or failure of business, ill health and relationship breakdown.
“Receiving court papers doesn¹t mean that you are automatically going to lose your home,” advises Citizens Advice Chief Executive David Harker. “Getting advice, even at a late stage, can help the majority of people come to a workable agreement with their mortgage lender and can make all the difference between saving or losing their home.”
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