Debts & Loans

In the past year, the number of homeowners needing debt advice has increased by a third, the Citizens Advice Bureau has revealed.

 
Since October 2007, the charity has received over 77,000 new calls from those concerned about mortgage and loan arrears in England and Wales.
 
Over half of callers are aged between 35 and 49, whilst one in five are single parents. Many are struggling to keep up with basic necessities after a dramatic lifestyle change, like being made redundant, falling ill or separating from a partner.


 
The findings show that the credit crunch is exacerbating Britain’s debt problem on an unprecedented scale, and is hitting low income, vulnerable householders the hardest.
 
Meanwhile in the financial sector, brokers are being urged to help the indebted by providing their own debt advice or referring the clients they can’t help onto debt management companies.
 


Director of Capricorn Mortgages, John Luthanik stated: “There are plenty of opportunities for brokers to boost earnings and help clients manage their money. Those who help consumers in the tough times will be remembered by them in the good times.”