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Indebted homeowners 'should not be lulled into false sense of security'

Indebted homeowners 'should not be lulled into false sense of security'

- Thursday, 23 April 2009

Homeowners struggling with high levels of debt should not be led into a false sense of security by a "well-intentioned" government initiative.

Richard Mason of Moneyextra.com asserted that homeowners must "look beyond the hype" surrounding the Homeowner Mortgage Support (HMS) scheme.

According to HM Treasury, the HMS programme provides a "bridge" for homeowners who are suffering a temporary lapse in income from which they expect to recover at a later date.

Mr Mason explained although the programme could offer a number of benefits in the short-term, these could be offset by its long-term effects.

"The government ... is in danger of lulling borrowers into a false sense of security and consequently delaying them from taking positive steps to resolve their financial difficulties," Mr Mason stated.

He added that homeowners should approach "cure-all" schemes cautiously, as their short-term benefits could come at the price of long-term savings.

Furthermore, those who are in debt "with no end in sight" should discuss their options with a financial adviser, he said.ADNFCR-2300-ID-19135597-ADNFCR
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