20-03-2008
Citizens Advice highlights increase in mortgage arrears
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Citizens Advice has highlighted an increase in the number of individuals facing arrears on their mortgages.
Data released by the organisation has found that, when compared with the same point in 2007, over the first two months of this year the number of problems relating to mortgage arrears increased by 35 per cent.
These figures relate to the findings of Citizens Advice Bureaux in England and Wales.
"It is a worrying trend that our bureaux are reporting a very sharp increase in the number of mortgage arrears problems they are dealing with," said Teresa Perchard, director of policy for Citizens Advice, an organisation with a history going back to 1924.
"These latest figures paint a worrying picture, suggesting a significant number of households are struggling to meet their most basic living costs."
Moreover, a study 73 per cent of Citizens Advice Bureaux in England and Wales also found that, over the first two month-period of 2008, 215,000 debt-related queries required attention.