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Repossession rates indicative of debt problem reduction?

Repossession rates indicative of debt problem reduction?

- Monday, 7 December 2009

Repossession rates in 2010 are not expected to be as high as first predicted, it has been suggested.

That is according to the Council of Mortgage Lenders (CML), which said that it reduced initial forecasts twice in 2009, and 2010 could follow suit.

This followed research from Co-Operative Insurance which revealed repossession numbers were expected to reach 50,000 next year.

The proposed downward revision of the repossession rate could suggest that an increased number of Britons are staying in control of their finances and avoiding debt problems.

Bernard Clarke, a spokesperson for the CML, said: "It's not as high a forecast as it was originally feared. The outlook, while clearly higher than we've seen in some recent years, is not as bad as feared."

Earlier this year, the government introduced a new scheme which gave protection for people struggling with mortgage arrears by tightening the rules on lenders taking court action for repossession.
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