Repossession protection for secured loans holders welcomed - Loans - News - Moneyfacts

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Repossession protection for secured loans holders welcomed

Repossession protection for secured loans holders welcomed

Category: Loans

Updated: 31/10/2008
First Published: 27/10/2008

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 It is now over 6 months old so the content may be out of date.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 government's plan to help secured loans holders avoid having their homes repossessed has been welcomed.

Under new court protocols, lenders are to find that repossessions can only be carried out as a last resort.

And Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), noted that it will come as a relief to many households that are struggling in the credit crunch.

But he added: "Following this announcement it is now more crucial then ever to ensure that the correct procedures are followed, allowing repossession to be seen truly as the last resort."

The NAEA also backed government recommendations that sale and rent back schemes (which see secured loans holders sell their property at a discount in return for remaining as tenants) should be regulated.

General secretary of the Trades Union Congress Brendan Barber also welcomed the plans, calling for lenders to act more responsibly towards families.

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 Any products featured may be withdrawn by their provider or changed at any time.

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