UK Money News
4th June 2008
CML sets out repossessions action plan
The Council of Mortgage Lenders (CML) has outlined a scheme to help prevent a surge in repossessions this year.
Under the plans, lenders who are affiliated to the group have committed to rules which will see them adopt a more sympathetic approach to homeowners who are struggling with repayments.
Among these is the pledge that they will provide borrowers facing arrears with relevant information with how their arrears management process functions.
They have also promised to employ pre-action protocol, which will describe the stages they must have passed through prior to taking an arrears case to court.
The final commitment is that lenders will contact their customers when the end of their fixed term is approaching and tell them that they will secure the best deals if they act quickly.
Last month, the CML warned that the numbers of repossessions in the UK is likely to hit 45,000 this year - up from just 28,000 in 2007.
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