UK Money News
30th May 2008
Northern Rock to double debt management staff
Northern Rock is poised to double the number of debt management staff it employs to cope with rising numbers of mortgage arrears on its books.
In an internal memo, the lender outlined plans to increase staffing levels in its debt management division from 176 to 444 by the end of March next year.
The move comes after the Council of Mortgage Lenders recently forecasted that the number of homeowners who are in mortgage arrears of three months or more will surge to 170,000 by the end of this year.
By way of comparison, in December 2007 the figure was 129,000.
An unnamed source at Northern Rock told the Reuters news agency: "Arrears are rising and as the size of the [mortgage] book is reduced, management of the book is going to be very important.
"There is also a more difficult macroeconomic environment, so this is a prudent step".
The increase in people struggling to pay their home loans is expected to be driven by the higher mortgage repayments and rising day to day living costs.
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