More mortgage holders ''could require debt management plans''
18 September 2009
More and more people are falling into mortgage arrears and could possibly require a debt management plan, it has been suggested.
According to Money Advice Trust, recent Financial Services Authority (FSA) figures showing the number of repossessions in the UK stabilising belie the truth about the nation''s fiscal problems.
Debt advisor Becky Boden Wilks explained the overall number of people in arrears is rising.
"We''re still going to see a lag between [economic recovery and] people being able to afford their mortgage payments and people getting back into work," she stated.
Ms Boden Wilks added Brits will still feel the effects of the financial downturn, even when the country is coming out of recession.
Her comments come after FSA figures showed a nine per cent fall in the number of homes being repossessed between the first and second quarters of 2009.
Despite this, the number of people falling behind on mortgage payments rose to 30 per cent.
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