Arrears and possessions continue to fall, says CML

Depth_Charge

Hi all

The CML comment 'positively' on mortgage arrears and possessions, also a 'productive' mention of the Mortgage Rescue Scheme (MRS)

http://www.cml.org.uk/cml/media/press/3731

Not really sure what to make of this article, figures & statistics myself.

My view

National_Debtline

Afternoon DC, that makes for interesting reading. I think we have been incredibly lucky with the record low interest rates that have been in place over the last few years. The minute they start increasing (which could be sooner rather than later given the glowing report about the economy from the Bank of England yesterday) we could see a significant increase in arrears cases.

Our recent data indicates that, generally speaking, our clients have less spare money than they did a few years ago once they have accounted for their essential outgoings. We've seen a general reduction in the amount of spare money people have to cover their debt payments. We have also seen increases in council tax, fuel and water arrears. I'm sure the infromation that you are privvy to demonstrates similar findings.

Although the economy seems to be impoving it doesn't seem to be translating to householders, I'm sure that if interest rates *do* start rising we will see a notable increase in demand for mortagge arrears advice - and sadly the repossession figures will start to increase.

Best wishes,

David.

Depth_Charge

Hi David

Fragile is the word we are both looking for.. maybe:)

The points you make on interest rates are crucial I would say.

Cheers

DC