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Government 'should help prevent repossessions'

Government 'should help prevent repossessions'

Category: Loans

Updated: 20/03/2009
First Published: 20/03/2009

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 It is now over 6 months old so the content may be out of date.

Legislation should be introduced to protect those with unsecured loans from losing their homes as a result of their debt, it has been argued.

Campaign group Which? has called for the government to take action to prevent repossessions, noting that it is often unsecured loans rather than mortgages that play a major part.

A survey by the body revealed that 62 per cent of homeowners are worried about losing their jobs, while 4.2 million mortgage holders think they could enter negative equity in the next year.

Personal finance campaigner Doug Taylor noted that six million people "fear losing the roof over their heads", while the Which? poll also indicated that 73 per cent of homeowners think the government should take further action to prevent repossessions.

Earlier this week, Debt Advisers Direct stated that high interest charges on unsecured loans were taking money away from consumers' mortgage payments - contributing to repossessions.

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