1st July '08 - CML Prediction Prompts Debt Management Advice
News that the Council of Mortgage Lenders has projected a housing market drop of up to seven percent has resulted in a number of debt management plan experts advising UK homeowners to reconsider how they might manage their finances.
A spokesperson from one debt management plan specialist commented on the predicted drop, "This is clearly an unwelcome shock to homeowners. If they're thinking of moving, they may feel compelled to accept a low offer if they wish to sell their property before prices drop further."
Adding, "They may wish to wait for conditions to improve before they consolidate their debts - and if they can't wait, they may well have to consider alternative debt solutions, such as a debt management plan or IVA."
The Council of Mortgage Lenders is the major industry body for UK residential mortgage lenders. They represent 98% of all banks, building societies and other lenders in this area.
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