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Abbey responds to repossession data
21 November 2008 15:30
A major high street lender has taken time to clarify its possession on repossessing the homes of those who fall into arrears.
Reacting to the latest statistics from the Council of Mortgage Lenders (CML), Abbey has said that it only used the tactic when it was left with no other option.
According to CML data, the number of homes being taken over by lenders due to customers falling into arrears on mortgages had risen by 12 per cent in the last three months.
A statement from Abbey said that it had a lower level of mortgage arrears than the CML average due to its responsible approach to lending.
However, it added, the bank in a few cases had to turn to repossession as a last resort when borrowers had gone into substantial arrears.
On a lighter note, Abbey did say that it was presently in discussions with the Consumer Credit Counselling Service charity, which offers free advice to people struggling with their mortgage payments.
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