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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.

Government unveils debt advice plans

Article Category: Debt Management Help and Advice

The government is planning to offer more debt advice as well as extend shared equity schemes to help homeowners affected by the credit crunch.

Prime minister Gordon Brown is hoping to increase shared equity schemes after being urged by some colleagues to allow councils to build more homes for rent, reports the Independent.

Meanwhile chancellor Alistair Darling has announced that there will be a £9 million investment over three years for debt advice through the Citizens Advice Bureau.

Housing minister Caroline Flint added to the package for homeowners facing difficulties by announcing that there will be free legal aid available to families who face repossession of their home.

Ms Flint told the Press Association: "We know that some borrowers are concerned about their mortgages. For the minority who may need support and advice, we want to ensure it is there for them in the right place and at the right time."

The announcements come as the Ministry of Justice reports that the number of repossessions in England and Wales rose in the first quarter of 2008 to 38,688, according to the BBC.

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Created on 13/06/2008 10:16:11
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