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Repossession fears hit at-risk borrowers
There has been a 21 per cent increase in the number of repossessions in the UK over the last year, taking the total number to 27,100.
According to the Citizens Advice Bureau (CAB) that is almost twice the total from 2005, reflecting a growing problem it says it is seeing nationwide.
Last year the bureau recorded an 11 per cent increase to 57,000 in the number of people coming to it for help with issues relating to mortgages and secured loan arrears.
It warned that many borrowers "at the margins of affordability" also face significant problems with 'mortgage rescue' or 'sale and rent back' schemes which target those at risk of repossession.
CAB released a report in December 2007 which found that current safety nets for at-risk homeowners on low incomes are "completely inadequate".
It called for "tougher enforcement of existing regulation of mortgages and for the same regulatory system to apply to all mortgages and other secured lending in future".
The CAB warned yesterday as part of the Office of Fair Trading's Scams Awareness Month that the public needs to watch out for bogus will writers, who are conning people out of hundreds of pounds.
