Free Debt Advice Service Call

Free debt advice should be funded by the government and lenders according to the housing charity Shelter.  

They would like to see the government and lenders fund a free debt advice service for borrowers in arrears.  They also want the government to adopt the Joseph Rowntree Foundation’s proposal for a sustainable home ownership partnership, this would entail borrowers, lenders and the government contributing to a fund to cover shortfalls in mortgage repayments for a limited period including the free debt advice service.  

The Council of Mortgage Lenders (CML) supports Shelter’s call for sell and rent back schemes to be regulated, but says that unwinding the existing regulation of second charge lending by the Office of Fair Trading would be difficult now.  

Our view

A free debt advice service should be funded by those who make money from debt, providers and brokers.  With regard to sell and rent back, we absolutely agree that this area of the market should be regulated to protect consumers from themselves.

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