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Secured loan customers 'should contact lender'

Secured loan customers 'should contact lender'

Category: Loans

Updated: 19/01/2009
First Published: 16/01/2009

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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 It is now over 6 months old so the content may be out of date.

Secured loans holders should speak to their lender in order to avoid repossession, it has been suggested.

According to the Building Societies Association, those struggling in the economic downturn should make contact at the earliest opportunity in order to avoid losing their homes.

The body welcomed support for homeowners recently announced by the government, but noted that it will not provide help to the extent that ministers expect.

And head of mortgage policy Paul Broadhead encouraged those with secured loans to attempt to reach a solution with building societies, as repossessions are already considered to be last resort.

"They maintain good relationships with their customers to ensure that they can develop individual solutions to arrears problems," he explained.

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