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Service helps homeowners avoid repossession

Tuesday, 3 February 2009 3:14 PM

A new service to help homeowners avoid repossession has been launched today.

Cartel Client Review has announced a new free service to help struggling UK homeowners avoid repossession of their properties by mortgage lenders.

The launch of the service comes as more and more homeowners are seeking financial advice on how best to deal with the prospect of falling into arrears with mortgage payments.

Conventional methods of avoiding repossession are now proving less effective for homeowners as lenders continue to accelerate the repossession process. Figures released earlier this year by the Council of Mortgage Lenders (CML) had estimated the number of home repossessions could rise to 75,000 in 2009.

Carl Wright, managing director of Cartel Client Review, said: "Traditional tips on how best to preempt the threat of repossession, such as maintaining a dialogue with your lender or considering taking a lodger, simply aren't as effective as they were in the past.

"Lenders are moving more quickly than ever before to initiate and complete the repossession process. We estimate that up to two thirds of repossessions could be avoided if homeowners sought advice earlier in the process."

The service is available for free, with independent advice from Cartel Client Review representatives. It also provides access to a team of solicitors, who will negotiate with lenders, and the courts if necessary, to try and find an alternative to repossession.

Mr Wright added: "Across the UK, support organisations such as the Citizens' Advice Bureau are being bombarded with new requests for advice from concerned homeowners. These organisations are operating at capacity and as a result, not enough homeowners are getting the advice they need in time.

"Repossession is a painful and often traumatic experience for individuals and their families. By offering this new repossession prevention service for free, we are aiming to provide homeowners with an additional option when it comes to seeking informed, impartial and supportive advice, at a time when other sources of support are overstretched."

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