Last week, Gordon Brown and Yvette Cooper acknowledged that the Government needs to do more to stem the rising number of repossessions. The Council of Mortgage Lenders predicts that 45,000 properties will be repossessed this year – up from 26,000 last year.
Pete Gammon, movewithus asset management director, said: “Prepossession has been specifically designed as an alternative to repossession. Before a borrower’s property is repossessed, we work with our national network of agents to sell the property at a realistic price in the local market, helping to reduce levels of debt.
movewithus manages the entire valuation, agent selection and sale process on behalf of the borrower, keeping the lender updated on the progress of the transaction at all times.
Peter Gammon commented: “We are the first managed sale service to actively offer this scheme as part of a genuine ‘management of assets’ proposition. We are continuously striving to develop options that seek to protect value and therefore ‘manage assets’ on behalf of lenders and borrowers.”
The scheme demonstrates that the lender is doing all they can to help their customers avoid repossession - a vital marketing tool in a consumer lending market which has received considerable negative press in the wake of the credit crisis.
Peter Gammon added: “The lending industry needs to evolve continuously to meet the challenges of the future. This means being open to new ideas and initiatives that manage the balance between arrears levels, possessions and write-offs and minimise exposure to debt. We feel that our Prepossession service is an essential service that combats the real problems that lenders face in today’s market.”
