Free advice for Stourbridge credit crunch victims

11:55am Thursday 7th August 2008

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AS the credit crunch bites into people’s pockets struggling home owners in Stourbridge are being offered free help.

A mortgage arrears advice service from Dudley Council aims to assist residents who are having difficulty keeping up payments.

Dudley Council’s homelessness prevention service is working closely with the Dudley District Citizens Advice Bureaux (CAB) to provide advice and reassurance to people coping with mortgage hardship.

Since its launch in April, the service has provided assistance to over 60 cases, helping most of these residents to maintain their home.

According to the CAB, an average 74 homes are repossessed each day within the UK and it is anticipated that this figure will increase to 123 by the end of this year, as more people fail to make repayments on their loan.

Councillor Michael Evans, cabinet member for housing, said: “There are many situations which can lead to home owners being faced by difficult circumstances, such as relationship breakdowns, sickness, job loss and bereavement, which are out of the individual’s control.

“This service provides specialist advice on how to negotiate with mortgage companies and consider all of the options.

“We would urge people to seek help as soon as they feel they may have a problem.”

To access the free service, borough residents should call 01384 816070.