Repossessions Forecast to Increase as Homeowners Stuggle Financially

Thu, 03 Dec 2009

With repossession figures expected to top the 50,000 mark in 2010, The Co-operative Insurance has committed to doubling its support to Shelter, the housing and homelessness charity, this Christmas .

In early 2009 the Co-operative Insurance and Shelter combined forces to try and tackle the growing housing problem with The Co-operative Insurance agreeing, as part of a targeted campaign, to donate £10.00 to Shelter for each new business home insurance policy taken out.

In the month of December, the Co-operative Insurance is committed to doubling its support to Shelter to increase the volume of donations made by extending its commitment to each home insurance policy bought online and is hoping to raise £24,000.

25 per cent plus of UK homeowners are suffering mental anguish and depression due to financial worries, with 2 million plus households finding meeting housing costs a continuous struggle, including 400,000 who are in arrears with rent and mortgage payments.

As a responsible financial services provider The Co-operative Financial Services (CFS), of which The Co-operative Insurance and The Co-operative Bank are part of, works closely with its customers to ensure they remain in their homes and have sufficient insurance cover for their property and possessions.

In fact since the beginning of 2009 The Co-operative Bank, which has some of the lowest repossession figures in the industry, had only been involved in 19 repossessions, less than 0.03 per cent of its mortgage book.

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