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Transact: If you’re facing repossession, get advice

June 12, 2008 by admin  
Filed under News, News-Mortgages

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Homeowners who are facing the prospect of repossession need to seek advice, according to Transact, the independent network committed to promoting financial inclusion.

Jamie Elliot, a coordinator at the organisation, said that that people could get free advice if their property is going to be repossessed.

“For those going through repossession, you must get advice and get someone to represent you if you are facing a repossession hearing.

“This really can make all the difference. Don’t put your head in the sand,” Mr Elliot advised.

According to figures from the Ministry of Justice, the number of repossessions in the first quarter of this year was up nine per cent from the fourth quarter of 2007.

Mr Elliot advised people in this situation to look for advice from experts such as Capitalise in London, or their local citizen’s advice bureau.

The benefits of doing so could include securing an agreement to make payments to the lender or to have the debt written off.

Tags: Capitalise, coordinator, sand, repossession, hearing, Elliot advised people, year, Business Finance

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