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The majority of UK businesses remain optimistic of their prospects this year despite the credit crunch, a new survey has suggested. According to a study conducted by the British Chambers of Comme...
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Monday 11th February 2008
Immediate action is required from homeowners who feel they are at risk of having their home repossessed this year, the UK's biggest-selling consumer finance magazine has warned.
This year is expected to see a dramatic rise in the number of repossessions, as homeowners struggle with rising utility bills and lenders suspend credit cards, with the Council of Mortgage Lenders (CML) predicting that the total number of home seizures could be as high as 45,000.
However, at-risk homeowners can still avoid becoming a CML statistic by seizing control of the situation as soon as possible, Philip Inman of the Which? magazine guide Manage Your Debt has said.
"If you have fallen behind with your mortgage payments you must contact your lender as soon as you can - a head-in-the-sand attitude will only make things worse," he said.
Homeowners negotiating with their mortgage provider should seek to reduce payments for a fixed period by extending the time over which the mortgage is paid, Mr Inman recommends.
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