| It’s estimated that nearly 300 in the city are more than three months in arrears. Of these, around 40 are thought to be more than a year behind with payments.
Repossessions are running at 50 to 70 a year — and growing.
CAB urges those with problems to take action now rather than be faced with repossession in the future.
Nationally, the number of people defaulting on their house payments is rocketing with more than 27,000 properties taken into possession last year by lenders last year. That’s more than three times the rate of five years ago.
The problem stems from the hike in monthly payments some are faced with when their fixed mortgage deals came to an end. Added to this the escalating cost of living is also making it increasingly difficult for some to make ends meet.
Higher petrol and diesel prices, rises in food costs and the inflation-busting increase for gas and electricity are the main causes.
CAB said many families are struggling to meet mortgage payments as a result and may be hoping to ride out the financial storm instead of taking steps to protect their homes.
Mary Kinninmonth, manager of the Dundee branch, said, “If anyone is starting to feel the pinch, now’s the time to get a bit of financial advice.
“They might need to reschedule payments with their creditors and we can help them do that. It might be possible to renegotiate a lower repayment rate for a mortgage.
“The main thing is to make sure you keep a roof over your head, and still have enough money for electricity and food.”
The Dundee office of the CAB is situated in the Wellgate Centre and can be contacted on 01382 307494.
Another office in Charleston handles inquiries for that part of the city. The number is 01382 622793. |
