David is an experienced writer based in the UK, currently working in the dotcom industry
Research conducted by a homelessness charity has revealed that the number of people seeking help with financial difficulties has increased eightfold since last year.
The report follows stark warnings from the Financial Services Authority (FSA) – which warned that more than 1 million homeowners are at risk of losing their homes due to changes in the economy.
Following the report, the charity called on the FSA to clamp down on those lenders that offer customers unaffordable products and are then quick to repossess, and called for a shake-up of the court system to ensure that homeowners are given fair treatment in repossession cases.
The charity was contacted by around 80,000 borrowers regarding problems with repayments on their mortgages, as compared to only 10,000 contacts in 2006.
The report was critical of the lack of resources and access to independent advice for those who fall into arrears, as well as showing the need for more resources to help homeowners struggling with household debts.
The charity has called on government departments to set up an advice service in partnership with mortgage companies and also suggested schemes that would allow people in financial difficulties to keep their properties.
For those facing financial difficulties with regards to their mortgages, there are a number of support levels in place, such as income support, but these usually involve a lot of paperwork and lengthy waiting periods for payments.
Payment protection insurance is available, but tends to offer limited cover and payments are usually subject to very strict criteria.
With other research showing that last year’s interest rate increases and the ongoing credit crisis has added more than £1,000 to the costs of servicing mortgages, homeowners are facing a tense and uncertain year.
- Related Articles
- Related Q&A
- Mortgage Security not That Costly
- What are Mortgage Rates Like in Colorado? are They Different?
- Denver Mortgages: More Than the Best Rate
- Your Mortgage Could be a Goldmine of Potential Savings
- More Canadians are Turning to Mortgage Brokers
- Mortgage "stores" are a Hit With Homebuyers
- What to Expect From a Jumbo Mortgage Loan
- Getting a Colorado Mortgage Rate Quote
Subprime Mortgage Refinance
By: MPetrone | 12/11/2009Homeowners with bad credit or a less than desirable mortgage situation may only be able to refinance their home loan using the services of a Subprime mortgage lender. A subprime lender specializes in dealing with homeowners who have a low credit rating, mortgage problems, or other things which do not allow them to use a traditional mortgage lender or bank. These days especially, subprime mortgage lenders are more popular than ever.
Loan Modification: Beware of Con Artist
By: William Love III | 11/11/2009The buzz word in the industry today is "compliance", I'd imagine that many would be surprised at how many "Modification" companies do not qualify under regulatory compliance. If you ever wondered where these people have come from and have popped up businesses overnight.
Loan Modification Frustration - The Dark Side of the Process
By: William Love III | 11/11/2009Contacting your mortgage company when you are having challenges with your payments can be a very scary process. If you have done this on your own you know what I mean. Speaking with someone who really does not care about your plight outside of "are you making a payment today" can be just frightening and frustrating as law enforcement coming to your front door.
Loan Modification Breaking News: Loan Modification Companies Going Belly Up
By: William Love III | 11/11/2009While one would think that it would be easier to modify their troubling mortgage loan, especially with a financial incentive from the government given to the bank, this is not the case. Roughly 500,000 homeowners have entered the Obama administration's Home Affordable Modification Program (HAMP). A large percentage of this 500,000 will not qualify or never submit all of the required documentation.
When is it Worth it to Refinance?
By: John | 11/11/2009Find out when it makes sense to refinance your mortgage. Know what factors you need to consider to determine whether refinancing is right for you.
SBA Mortgage Financing
By: jeff rauth | 11/11/2009SBA mortgage financing, i.e. an SBA loan that is tied to commercial real estate, is by far the most viable type of small business financing that is available today. The reason is of course, that the bank has a hard asset as collateral.
How to use IT agencies to your best benefit
By: Robert | 11/11/2009All IT contractors have had at least one experience of working with a good IT agent.
Cooking Holidays In Rome
By: David Collins | 25/06/2009 | DestinationsItaly has always been known as a destination with a rich cultural history, and has one of the most recognised cuisines in the world. Indeed, some regions of Italy have become famous for their food and wine, and many of us flock to villas in the mountains of Tuscany and on the outskirts of Rome to sample good rustic cooking, and have a go at making them ourselves.
Amsterdam - City Of Variety
By: David Collins | 25/06/2009 | DestinationsAmsterdam is one of the most popular European destinations for holidaymakers. Whether you’re looking to spend a weekend exploring the city or are looking for a stopover during your backpacking excursion, Amsterdam has something for everyone.
Festivals In Amsterdam
By: David Collins | 25/06/2009 | DestinationsDespite being one of the smaller capital cities in Europe, Amsterdam has established itself over the years as one of the prime European destinations for tourists.
Rome - City Of History
By: David Collins | 25/06/2009 | DestinationsWith a rich history, a multitude of museums and cathedrals, along with the world famous Coliseum, Rome is one of Italy’s prime tourist destinations. Every year, thousands of us flock to the city to take in the sights, sounds and splendour of the Eternal City – be it to drink in the artistic culture or enjoy a drink of fine coffee in pleasant little cafes dotted around the city.
Boating Holidays In Amsterdam
By: David Collins | 04/06/2009 | TravelMany who visit Amsterdam choose to take advantage of flights and ferries in order to take breaks around the city centre. Amsterdam also has a vast network of canals that run through and around the city, and for some a stay on a houseboat can be preferable to a city centre hotel.
Holidaying In Rome
By: David Collins | 04/06/2009 | TravelRome has a rich variety of attractions to suit all tastes – be they sporting or otherwise – there are many museums that showcase the rich history that has made the city recognisable around the world. Whether you’re looking to explore a museum or the famous street markets, Rome remains one of the most popular city break destinations in Europe.
Utilities - Energy Monitors For The Future?
By: David Collins | 12/05/2009 | TechnologyWith energy prices fluctuating during this tough economic time, many householders are becoming more energy conscious, using a variety of energy saving devices in a bid to cut their monthly utility bills. Now the government has outlined plans to introduce ‘smart meters’ into homes in the UK by the end of 2020. These smart meters could eventually eliminate the need for estimated bills, as homeowners would be able to keep track of their spending on a daily basis.
Utilities - Energy Generation
By: David Collins | 12/05/2009 | TechnologyUtilities are one of the most important bills that homeowners have to pay, for no power means no hot water or means of cooking and refrigeration. With prices fluctuating in response to the global situation, homeowners are now turning to nature in an attempt to save money on their utility bills.