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Repossession can be a 'sensible solution'

Monday, 16 August 2010 6:00 PM

Voluntary repossession should always be a last resort for homeowners in debt, but it can be a sensible solution for some, the Homeowners Advice Centre has suggested.

Chris Jenkins, co-owner of the advice organisation, said struggling with mortgage problems for month after month can have a "massive effect" on a family both in terms of standard of living and psychologically.

"Some homeowners could have avoided repossession if they had received good advice early on . the real issue is getting advice to people who sometimes simple do not want to take the advice offered," he went on to say.

However, Mr Jenkins pointed out that handing the keys back to the mortgage company does not necessarily mean homeowners will escape their debts, as sometimes the lender has to sell the property at a loss.

Communities secretary Eric Pickles this month issued a reminder to struggling families to seek help early if they want to remain in their homes.

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