Homeowner loans : 10m of Govt help on debt advice services

The government has announced measures to help those with homeowner loans who are under the threat of repossession. Especially those who can not support their loans because of the credit crunch.

For households at risk of repossession there are new arrangements in place with the Ministry of Justice to give free legal representation at county courts in England. This gives a homeowner at risk more time to explore other options.

The National Housing Advice Service will provide a new comprehensive debt advice service.

There should be an extra £9m funding for face-to-face debt advice services given by organisations such as the Citizens Advice Bureau.

There will be specialist training for Citizen Advice Bureau staff and local authorities on debt advice.

The Government claims to fund over £200m of debt advice for individuals in financial difficulty. Services such as Citizens Advice, National Debtline, Local CA Bureaux and Financial Inclusion Fund.

Housing and Treasury ministers are to meet debt advice and consumer groups shortly to discuss what more can be done to help people who are experiencing difficulties with their debt repayments.

The government wants to see best practice guidance that will ensure: that people on fixed rate mortgages are given enough warning before their repayments change; banks and building societies will engage with customers as early as possible to see if they can help those in difficulties by rescheduling repayments; banks and building societies will provide advice to individuals on how they can access independent debt advice at the earliest possible stage; and repossession will only be used as a last resort.

Housing Minister Caroline Flint said the package will help borrowers who are concerned about mortgage struggles brought on by the global credit crunch.

"We know that some borrowers are concerned about their mortgages in the current market conditions. Some lenders are now passing on interest rate cuts and we want to see the rest follow as soon as possible. But for the minority of owners who may need support and advice now, we want to ensure it is there for them in the right place and at the right time."
Flint added that the situation in the housing market was different to that experienced in the UK in the early 1990s. "The fundamentals of the housing market remain strong with high employment, low interest rates, and long term demand for homes from first time buyers."

What is a Secured Loan?

Homeowner loans, second mortgage, home loans, second charge, secured loans these are all related terms. Read more...

How to Avoid Damaging Your Credit File

Simple tips to protect your credit record Read more...

Credit Crunch Explained and its Impact on the UK Economy

What is credit crunch is all about? What is does it mean for us? Read more...

Secured Loans to Consolidate Credit Card Debt

Use the equity in your property to simplify your finances and save money Read more...

Secured Loans for Home Improvements

Don't delay that extension,loft conversion or emergency repair work. Protect and increase the value of your main investment. Read more...

Every Person Taking out a Secured Loan Should Look at Cashback

Why pay more for exactly the same product? Cashback is available on all UK Secured Loans. Read more...

Secured Loans For Your Wedding

Enjoy the big day in style without fretting over cost: first get the finance in place. Read more...

Secured Loans - A Review Of The UK Market

In a changing market use the internet to find the best deals Read more...

Secured Loan vs. Remortgage: The Pros and Cons

Trying to decide between a smaller secured loan or a total remortgage? Read more...

Home Loans Explained

Learn more and grasp the essentials about home loans Read more...

Lenders' Cash Funds Are Still Available Despite The Credit Crunch

But what criteria are lenders applying? Read more...

Cashback credit cards give you extra cash every time you spend

Get the best cash back credit cards and earn cashback while you spend Read more...

House Prices – Facts That Maintain The Value Of Your Home

An analysis of the latest in UK house prices Read more...

Say Goodbye To Your Expensive Credit Card Balances

Too many credit cards? Here's how to make a fresh start and simplify your finances Read more...

Cashback is an easy way to cut your bills and buy most things online cheaper

Find out how use cashback offers to buy online purchases cheaper Read more...

Reasons for a Secured Loan or Homeowner Loan

Refurshing your home, buy-to-let, debt consolidation, wedding, business start-up, holiday Read more...

Home Loans : A Simple Guide

Read more...

How To Improve Your Credit Rating

Find out simple ways to improve your credit rating and credit score, and therefore get offered a better individual interest rate on your secured loan.Read more...

What is the Credit Crunch?

What are the implications of the credit crunch Read more...

Guide to Interest Rates

If you don't know your APR from your Repo Rate then Read more...

Understanding Loan Jargon

If you've come across a phrase or term related to loans that your not sure about, or you want to learn more about loans then browse the explanation in this comprehensive list of Loan Jargon terms. Read more...

Back to Advice Index