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Extra cash for families facing repossession

Friday, 10 February 2012 10:52 AM

Housing minister Grant Shapps has announced a new £20m safety net to help struggling home owners who are facing repossession.

Cash from the Preventing Repossessions Fund will give councils the chance to offer interest-free loans to people in trouble and help those facing repossession get advice.

The announcement came as the Council of Mortgage Lenders revealed statistics showing that repossessions fell last year to the lowest level since 2007 but said it expected an increase in 2012.

The government says that £1m will ensure that free, on the day, legal advice is on hand at every county court and help plug the gaps in the existing housing possession court duty scheme.

Last year almost 30,000 families used court duty desks and in many cases repossession orders are rejected or suspended when people get the right advice.

The remaining £19m will go to councils to offer interest-free loans of £5,000 or less to give families a breathing space.

Grant Shapps said: "Repossession should only ever be the last resort. No one in financial difficulty should be embarrassed to seek help if they need it.

"Today's cash ensures that no matter where you are in the country the advice and the financial support is on hand to help people get on top of their finances and keep them in their hard earned homes."

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