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CML backs plans to help borrowers on money matters
10 July 2008 10:30
The Council of Mortgage Lenders (CML) has welcomed a new government initiative that it believes could help borrowers to better manage their finances at this difficult time.
Under the new financial capability action plan, the Financial Services Authority's Moneymadeclear website is to become a one-stop shop for information on money matters, while consumers in the north-east and north-west will gain access to free advice.
These measures have received the backing of the CML, which noted that households are not only under pressure from mortgage costs at present, but also have other credit commitments, as well as feeling the impact of higher food and fuel costs.
It asserted that the financial capability action plan was therefore particularly welcome as it brought together a range of different agencies and initiatives to help out homeowners whose budgets are being pressurised by a complex range of sources.
CML director general Michael Coogan urged borrowers concerned about their mortgages either to speak to their lender or to an advice agency or consumer helpline, adding that the earlier they get in touch with someone, the easier their problems can be resolved.
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