Debt help


Figures published today by the Council of Mortgage Lenders (CML) show that the number of repossessions in the second quarter of 2013 reached 7,700, 4% down from the 8,000 seen in the first quarter of this year. At 15,700, the first six months of 2013 also represented the lowest number of repossessions since the second half of 2007. Levels of mortgage arrears also reduced to the lowest numbers since the latter part of 2008.

Bev Budsworth, managing director of multi award-winning debt management company, The Debt Advisor, stated: “It’s not surprising that today’s figures show levels of arrears and repossessions continue their downward trend. We are seeing far fewer cases now where repossession is an imminent threat, which is mainly due to the joined up approach by government, lenders and advisers alike over the last few years to address the problem and provide support to people in arrears.

“Today’s figures are testament to the fact that this concerted effort is working, despite the fact that we still have a relatively sluggish economy and high living costs.”

Interest rates

“Yesterday’s announcement from the Bank of England governor that he won’t consider increasing interest rates until unemployment falls below 7% is great news for all homeowners and provides a real boost for those who are currently struggling to make ends meet. Unemployment currently stands at 7.8% so a reduction to below 7% will mean that at least 750,000 new jobs will have to be created – no mean feat. The bank believes this could take three years – which will mean at least a few more years of record low interest rates which should help to keep a lid on repossessions.”

Bev’s comments come at a time of an upturn in the housing market with lenders reporting a ‘meaningful recovery’ and the CML reports that June saw a 2% increase from May in mortgage lending and a 26% increase on June 2012. Total mortgage lending now stands at £14.7 billion, the highest level since October 2008, with loans to first time buyers seeing a particular increase.


“However, we mustn’t get complacent,” warned Bev, “With nearly 90 properties a day being repossessed, there is still a real problem that we must continue to address – especially with those still on interest-only mortgages.

“We are not out of the woods yet; yes it’s great to see that arrears and repossessions are down and so too is personal debt – but a lot of people are still facing financial hardship in a shaky economy with prices rising continually. These are people with real affordability problems, these are the ones who need everyone’s continued support in order to get them paying back their mortgage and contributing to the economy.”

“The UK has a fantastic rescue culture and people with arrears or who are facing repossession can turn to a plethora of valuable sources of help and information across both the public and private sector.”

The CML has maintained its most recent forecast that there will be 35,000 repossessions and 160,000 mortgages in arrears of 2.5% or more for the rest of 2013.


Do you need help?

Specialist advisors are available who can advise you on the most appropiate solution to bring you relief from debt

More Posts From The Debt Advisor

Beverley Budsworth – The Debt Advisor FCA regulated Debt Solution Provider Judgments increasing against consumers Judgments in first quarter of...
Debt Relief Order changes – more people will qualify
The criteria to qualify for a Debt Relief Order “DRO” changes on 29 June 2021.  This will mean that around...
Mental Health – How to help yourself recover “Post Pandemic”
Mental Health - How to help yourself recover “Post Pandemic” PPSD* (post-pandemic stress disorder) Not (yet) an official term but...
Breathing Space debt respite scheme
What is Breathing Space? From May 4th 2021 new legislation will be brought into place to allow approved debt advisers...
How to improve my Credit Score?
Within the UK there are 3 main credit reference agencies, TransUnion, Equifax and Experian. All 3 work with banks, building...

We are proud of our 5* TrustPilot customer reviews

We are proud of our 5* TrustPilot customer reviews

The Debt Advisor Accreditations

There is an alternative free-to-consumer debt services from the Money Helper.

The Debt Advisor Accreditations

There are alternative free-to-consumer debt services from the Money Helper.

We’re ready to help with any debt problems

Social media

The Debt Advisor has a long and rich history of helping people and companies get past their debt problems. We welcome people to get acquainted with our company, history, team and to listen to the stories from the people we have helped.

Alternative free-to-consumer debt services are available from the Money Helper website.

Customer Support

18-22 Lloyd Street, Manchester, M2 5WA

Monday to Thursday: 9:00 am – 7:30 pm
Friday: 9:00 am – 3:30 pm

Company Registration: 06248441 | The Debt Advisor Limited is Authorised and regulated by the Financial Conduct Authority Reg No: 659920.

All debt solutions should be very carefully considered. Please note, if you are struggling with debt issues and need advice on your options, we’ll take a look at your financial situation and explain the available options. If it is appropriate to refer you to one of our trusted providers for a solution, we may get a fee for introducing you, or for the preparatory work we complete. Fees are payable if ongoing services are provided.

Copyright © 2022  The Debt Advisor | Privacy Policy | Cookie Policy | Complaints | Careers