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Money Advice Charity chief says homeowners in need of more support than ever

 

 

Joanna Elson OBE, Chief Executive of the Money Advice Trust (MAT), today warned that failing to provide free support to homeowners in danger of losing their homes could cost the taxpayer a staggering £16k per home[1]. The majority of this comes from housing benefits associated with re-housing each household in temporary accommodation and the social rented sector.

 

Speaking at a conference on ‘Supporting homeowners through tough times’ she highlighted a number of factors that make debt advice and support vital to help people through uncertain economic times.

 

Figures released by Shelter revealed that over 1 million people paid their mortgage or rent with a credit card last year[2] and research from Callcredit found that one in four will be unable to pay their mortgage if monthly income drops by just £300[3].

 

Joanna, who was recently awarded an OBE for services to people in debt, also warned of the dangers faced by people using fee-charging debt management companies. MAT research in 2009 found some customers using fee-charging debt management companies paid15-18% in fees and in a worse financial position than when they approached the company for help.

 

Joanna said:

 

‘Organisations such as National Debtline and Citizens Advice can really make a difference to people struggling to keep up mortgage payments.

 

‘Making sure people can stay in their homes not only helps the homeowner, but also contributes to a strong economy. With fewer people defaulting on loans it leaves the lenders in a stronger position too. We must make sure that people know that there is free help available, and be sure that if they get into difficulty they know who to turn to’.

 

Ends

 

 

For more information please contact: Nathan.alleyne@nationaldebtline.co.uk (0121 410 6277)

 

Westminster Briefing and The House Magazine

 

The ‘Supporting Homeowners Through Tough Times’ policy and practice briefing was run by Westminster Briefing and The House Magazine, on Thursday 8 July 2010. Other speakers included Jackie Bennett, Head of Policy - Council of Mortgage Lenders, Sue Edwards, Head of Consumer Policy - Citizens Advice and Ciara Davies, Financial Inclusion Manager - Great Places.

 

Figures cited

 

[1] Shelter report ‘Outcomes of advice for struggling homeowners’ (June 2010)   

 

[2] YouGov research ‘Backs to the wall’ (January 2010)

 

[3] YouGov research commissioned by Callcredit (March 2010)

 

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