How to cope during the downturn
- Details
- Category: Finance News
Surviving the economic downturn will be easier if people face up to any financial issues before they get out of control
An array of information is available through the BBC News website and various groups offer help for struggling householders. Issues covered include:
Repossessions
The number of properties repossessed by mortgage lenders in the UK rose by 48% in the first half of 2008.
- Contact a lender immediately if facing trouble making mortgage repayments, preferably with a detailed proposal.
- Lenders must only turn to repossession as a last resort, after considering repayment holidays or extending the term or type of mortgage.
Safe savings
Savings up to 50,000 per person per licensed bank are guaranteed, should any UK-regulated bank or building society go bust. A couple with a joint account is covered per person. So each person in a couple would have 50,000 covered in the account - so up to 100,000 in total would be protected.
Facing Debt
The number of people seeking advice from Citizens Advice bureaux about how to manage their debts surged by a third in the past year.
For further support and other topics such as negotiating redundancy, looking for a job, and pensions see the BBC news article
