Citizens Advice: Mortgage arrears increasing

Date:Friday 10th October 2008
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More people are contacting Citizens Advice for help regarding mortgage arrears, the organisation has said.

Citizens Advice Bureaux in England and Wales have seen a 35 per cent rise in problems regarding mortgage and other secured loan arrears in the last year compared to the previous 12 months.

There have been 77,324 new enquiries since October 2007.

In addition, from July to September there was a 51 per cent increase in such enquiries, as well as a ten per cent rise in fuel debts compared to the same period last year.

More than half (51 per cent) of those with mortgage and secured debt arrears were aged 35 to 49.

David Harker, chief executive of Citizens Advice, called on mortgage lenders and fuel companies to help develop repayment solutions for people in arrears rather than charging them more.

Citizens Advice is one of six organisations running Advice Awareness Week to highlight to people the free and impartial advice available to them on such matters as debt, housing and employment.

An ICM poll in September found that 80 per cent of people are more worried about their finances than they were a year ago.