CCCS: Budget in the face of repossessions

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CCCS: Budget in the face of repossessions

People struggling to repay their mortgages must prepare a budget, the Consumer Credit Counselling Service (CCCS) has said.

The credit crunch has started to affect repayments and the number of repossessions rose last year by 21 per cent.

Frances Walker, spokesperson for the CCCS, said calls to the helpline have increased since the start of the year, although not from the number a year ago.

She said that about a fifth of people contacting the mortgage and arrears centre had "simply borrowed too much and it might have to be [that] you give up your house".

Ms Walker said a lot of people had committed disposable income to mortgages and that there were difficulties for anyone who had more than 20 per cent of pre-tax income dedicated to repayments.

Anyone struggling to repay must prepare a budget, she said.

Figures released by the Council of Mortgage Lenders show that 27,100 homes were repossessed last year - the highest number since 1999.
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