Unsurprisingly, a report published recently has found that mortgage lenders are still failing to fully help their customers avoid repossession. We blogged about this back in early November with a focus on GMAC-RFC, the major mortgage lender that got it’s just desserts. The recent report, conducted by AdviceUK, the CAB and Shelter, uncovered that in as many as a third of recorded cases mortgage lenders had failed to use court action as a last resort only.
The new protocol states that before starting any legal action lenders should provide borrowers with other options to deal with any missed repayments, but many had been completely ignoring this. This report arrived a few days after the latest economic figures from the FSA which still show alarmingly high repossession rates.
