Millions of mortgage holders `concerned about repossession`

24 March 2009

New research from Which? has found that almost six million people with a mortgage (35% of the UK`s total) are concerned that their homes could be repossessed, as the recession continues to put a strain on their ability to stay on top of their finances.

Meanwhile, a quarter of all people with a mortgage are worried they may fall into negative equity in the next year, while almost three quarters think that the Government should do more to help prevent repossessions.

Repossession has become a major concern for many of Britain`s homeowners in recent months, as increasing numbers of people fall behind on bills and debt repayments.

A spokesperson for debt management company Gregory Pennington said: "It`s important to remember that repossession is typically used as a last resort by lenders - as long as homeowners move quickly, they should have time to seek debt advice and tackle the problem head-on."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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