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Two in five `not seeking mortgage debt help`
16 July 2009
Two in five people (41%) facing difficulty with paying their mortgage are failing to seek debt advice, according to research.
Adam Phillips, Chairman of the Financial Services Consumer Panel (FSCP), also said that despite this, seven out of eight people experiencing difficulty thought that their problems were serious.
He added: "When people get into difficulty with their mortgages, they need constructive help and advice on the best way forward. Mortgage lenders have a duty under the principle of Treating Customers Fairly […] to help their customers in arrears."
A spokesperson for debt management company Gregory Pennington said: "A mortgage is usually the biggest financial commitment a person will ever have, so it can be extremely worrying if they find they can`t keep up.
"Their first action should be to speak with their lender to try and find some kind of solution, but if that doesn`t help, it`s important that they seek professional debt advice."
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