The Consumer Credit Counselling Service (CCCS) has stated that a housing market recovery can lead to an increase in repossessions .
The CCCS believes this may happen as lenders enforce suspended possession orders after previous leniency.
The UK's main debt charity advises many clients with suspended repossession orders on their properties which lenders have selected not to enforce despite the fact clients have failed to meet court stipulated payments.
This situation is going to worsen in October when Support for Mortgage Interest payments for those who have become unemployed are halved from 6.08% to 3.09%, to match the Bank of England's average mortgage rate.
The CCCS provides specialist mortgage arrears and repossessions counselling for those who contact the service with two months or more mortgage arrears . It received 7,300 calls in 2009.
Housing Market Recovery Could Mean an Increase in Repossessions
Mon, 19 Jul 2010
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