Check small print to guard against repossession

Fri, 19 Aug 2011

Brits should carefully examine the small print when applying for credit to ensure that they are not putting themselves at risk of home repossession.

Money education charity Credit Action urged people to be wise when applying for loans and other forms of finance.

Director of partnership development Liz Dunscombe explained that consumers should do their research before signing on the dotted line.

She said: "Whenever you're taking out any form of credit you just need to look at the small print as carefully as you can and do your homework; what would happen if you missed a payment?

"There are so many different quirks to different credit cards. People have just got to do their homework and not rush into things."

Meanwhile, recent Aviva research showed that there has been a rise in the number of people approaching relatives for loans as a direct result of the credit crunch, with 63 per cent of Brits admitting to have done this.

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