The FSA’s latest mortgage lending figures stated that the total number of loan accounts in arrears has been steadily increasing since early 2007. At the end of Q4 2008 the regulator reported that there were 377,000 loan accounts in arrears, an increase of 36,000 since Q3 2008, and an increase of 31% on a year earlier.
Figures also showed that new repossessions for 2008 rocketed 68 per cent from 27,900 in 2007 to 46,750 in 2008.
David McCann, Managing Director at Guardian Debt Management, said: “We expect Q1 2009 figures to dwarf these just released by the FSA. Since the launch of our arrears helpline in January we are receiving growing numbers of calls week-on-week from an array of people with financial concerns. As the importance of holistic advice becomes even more paramount to an intermediaries offering, we are urging intermediaries to fully assess their clients overall financial picture and utilise our arrears helpline facility if their situation demands it.”
