Get a £30 shopping for helping Shelter research into repossession after mortgage debt

Former_MSE_Wendy

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] What's this all about?
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Shelter, the housing charity, and the National Homelessness Advice Service (NHAS) have asked researchers from the University of York to find out about mortgage borrowers’ experiences of leaving homeownership because of mortgage debt.

Has your lender given you help or time to sell your home?
Have you handed back your keys or sold your home yourself?
Have you had your home repossessed?

If so, please help by taking part in a 30 minute interview by phone (all responses are confidential) to talk about your experiences. You will get a £30 ‘Love2Shop’ voucher, which can be used in high street shops, as a thank you for giving up your time.

The researchers are particularly interested in experiences of the help lenders offer people to sell their home privately through ‘Assisted Voluntary Sales’ type schemes to avoid repossession but would also like to compare these with people who sold their home to avoid possession without the help of their lender, people who handed back the keys, or people who had their home repossessed.

The research will be used to inform policy makers and provide guidance to advice workers who support mortgage borrowers with arrears.

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] How to take part
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Contact the University of York by private message, [EMAIL="alison.wallace@york.ac.uk"]email[/EMAIL] or phone on 01904 321480.

A member of the research team will then arrange a suitable time to talk to you on the telephone.

AlisonResearch

If anyone can help us with this research we would be very pleased as it is very important that borrowers own experiences are heard. I can also be contacted on alison dot wallace at york dot ac dot uk. (email- I can't post links, but hope you can work it out!).

With best wishes,

Alison

AlisonResearch

Hello,

Apologies for cross-posting.

This research project still has a little while to run. If you would like a £30 shopping voucher in return for talking to us for 30 minutes about your experiences of selling your home to avoid repossession (with or without any help from your lender through Assisted Voluntary Sales type schemes), or have been repossessed already, please let me know on 01904 321480 or alison dot wallace at york dot ac dot uk.

Thank you for previous responses, your input is very much appreciated.

With best wishes,

Alison

(Alison Wallace, Research Fellow, Centre for Housing Policy at the University of York)

*MF*

Bump ...

The details below relate to the research project Alison Wallace refers to:

New research published recently by the Department for Work and Pensions (DWP) presents findings from an evaluation of the responses of key stakeholders to the January 2009 and October 2010 arrangements for Support for Mortgage Interest (SMI).

The report is the second part of a wider evaluation and explores the responses of lenders, money advisors, Jobcentre Plus (JCP) staff and key policy stakeholders.

The main summary findings are:

•From January 2009 to October 2010, SMI temporary measures were generally highly effective. As a result of the changes some borrowers avoided arrears. Others accumulated arrears more slowly. The SMI changes underpinned lenders’ willingness, and ability, to forbear and not seek possession. Lenders were more prepared to consider conversion to interest-only mortgages thus ensuring the maximum impact of SMI.

•There was no evidence that the introduction of a two year limit for new JSA claimants had any impact on the way lenders responded to borrowers in 2009.

•The SMI changes were implemented in a context of falling interest rates and this ‘added value’ to SMI to a very significant extent.

•The effectiveness of SMI is constrained by shortcomings in the assessment and administrative processes associated with SMI. Lenders, borrowers and JCP all contribute to these shortcomings, which stem from the complexity of the scheme.

•The effectiveness of SMI may also be reduced where lenders are unwilling or unable to convert a borrower’s mortgage to interest-only as the borrower still has to meet capital payments to preclude arrears.

•Overall, however, the 2009 changes resulted in more people being assisted, more fully and sooner.

•The October 2010 reduction in the SIR from 6.08 to 3.63% was detrimental to borrowers with many lenders reporting an increase in borrowers with shortfalls on their accounts.

•The communication by DWP, JCP and PDCS to recipients of SMI about the 2010 SIR change was judged by lenders, money advisors and key players to be late, poorly expressed and counterproductive.

•Lenders are increasingly showing signs of reconsidering their approach to forbearance as arrears mount.

•The impact of the 2 year limit on SMI for JSA recipients is now materialising with all parties seeing little scope for any action other than repossession.

From here:
http://www.wired-gov.net/wg/wg-news-1.nsf/lfi/DNWA-8H2HUE

I have highlighted two of the comments - we know that any interest rate rise will increase the problems many face - this research is important and if you can and it is relevant - please consider taking part.

AlisonResearch

Thank you for posting the message about our previous study about Support for Mortgage Interest. Much appreciated.
And thank you to all the people who have responded to this request for help. It is very much appreciated as representing borrowers' views is important to us.

Alison