Lenders 'not doing enough to tackle repossession'

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Lenders 'not doing enough to tackle repossession'

Some British finance firms are not doing enough to prevent borrowers' possessions from being repossessed when they cannot afford to meet their repayments, it has been alleged.

A survey conducted jointly by AdviceUK, Citizens Advice Bureau, the Money Advice Trust and Shelter found that 51 per cent of advisers said that lenders' practices had improved in recent times.

However, just 20 per cent of respondents said that they had noticed an improvement in the collection practices of sub-prime and second charge lenders.

As a result, the organisations who oversaw the poll are now urging lenders to comply with regulations laid out by the Pre Action Protocol and play their parts in curbing the number of repossessions occurring in the UK.

The Pre Action Protocol, which was implemented in November 2008, outlines best practice for judges, litigators, conveyancers and lenders when it comes to repossessions.

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