Council Of Mortgage Lenders Turn User Friendly
While they represent members in one of the most competitive areas of the finance industry the Council of Mortgage Lenders (CML) has announced plans to issue MPs with a guide showing how to treat their constituents who may be set to fall behind on their mortgage payments. The CML estimate that repossessions will rise to over 45,000 this year, a 50% rise from last year.
The guide, which was highlighted in a recent letter to the Treasury, will also be made available to mortgage lenders and their staff in a move to come across as understanding as possible. Over the last few weeks we have seen the banks very much tighten their lending criteria and come down hard on those falling behind with their payments. This new guide gives them the option to reconnect with their customers again and try to take the edge and worry off the stressful matter of repossession
As the economic climate in the UK continues to worsen there are concerns that we may see the number of repossessions moving towards the 1991 record of 75,500, a frightening thought for an industry under extreme pressure. Whether customers will appreciate the more user friendly approach remains to be seen.
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