Arrears cases continue to drop - Debt - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Arrears cases continue to drop

Arrears cases continue to drop

Category: Debt

Updated: 08/03/2011
First Published: 14/09/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of homeowners struggling to keep on top of their mortgage repayments has fallen for the sixth quarter in a row.

According to the latest mortgage lending data from the Financial Services Authority (FSA), the number of new arrears cases totalled 37,200 in the second quarter of the year, 8% down on the first quarter.

The total number of accounts in arrears also continued to improve, with a 3% decline making it four consecutive quarters of falls.

Meanwhile, there was also a drop in the number of repossessions reported over the three months.

Around 10,000 new repossessions were instigated over the period, 5% down on the previous quarter and the lowest figure for over two years.

While the improvements noted by the FSA are encouraging, a significant number of people will still be battling to keep control of their finances.

Seeking debt advice before debts can get out of hand is vital, whether they relate to mortgage repayments or personal loans.

Potential sources of help and guidance include the Consumer Credit Counselling Service, the National Debtline and the Citizens Advice Bureau.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Millions are borrowing to buy essentials

Many of us use credit from time to time, and when used wisely, it can be a valuable way to help make the most of your money. However, over-reliance on credit can be dangerous, particularly when people are forced to borrow to buy essentials.

Millennials losing sleep over debt

Money worries can keep people up at any age, but new research has found that a staggering one in four adults under 34 have lost sleep over financial troubles. Many are feeling pressure not just from their bank account, but also their loved ones.

Would you go into debt to bag a bargain?

It can be hard to resist the lure of a bargain, particularly at this time of year. However, while it should be a way to cut costs, it seems that some get carried away, and end up spending far more than they should – and get into debt as a result.
 
Close