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Consumers with secured loan arrears need more help

Consumers with secured loan arrears need more help

Category: Annuities

Updated: 26/10/2017
First Published: 05/02/2009

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 It is now over 6 months old so the content may be out of date.

Those facing financial difficulty as a result of secured loans, mortgages, and other debt should be given more help, Citizens Advice has stated.

Director of public policy at the charity Teresa Perchard told a London conference that the government, businesses and regulators can do more to support consumers.

"What people need now is to know that there is someone they can trust to be on their side and protecting their interests as times get tougher," she said, noting that Citizens Advice received over 900,000 debt enquiries last year.

Ms Perchard called for credit providers to ensure that limits and overdrafts are not withdrawn suddenly, as well as government action to prevent rogue traders from exploiting borrowers through unfair debt collection methods.

Her comments follow a poll by Nationwide, which found that 61 per cent of homeowners believe they would be unable to support themselves if injury or illness forced them out of work.

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