tag:blogger.com,1999:blog-292090742011-11-15T06:32:33.470Zfor those short changed by a personal finance productJohn Pagenoreply@blogger.comBlogger11100tag:blogger.com,1999:blog-29209074.post-75717728151750493822009-12-15T14:53:00.000Z2009-12-15T14:53:05.607ZLenders are failing to comply with new rules recommending court action is taken as a last resort in repossession cases, says a report from three charities. In a third of recorded repossessions the lender had failed to comply with new rules known as the 'pre-action' protocol.<br /><br />Sub-prime lenders were found to be taking court action earlier than high street lenders, and a few sub-prime lenders in particular had many more court cases listed than their share of the mortgage market.<br /><br />Job loss and other loss of income were the most common reasons given for mortgage arrears. <br /><br />The report found the support for mortgage interest (SMI) scheme, designed to help in these cases, did not cover the rates that borrowers were paying.<br /><br />The report calls on all lenders to comply fully with the mortgage pre-action protocol. Funding for free, independent advice in court for people facing repossession action must be maintained as a priority, it adds.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/29209074-7571772815175049382?l=financevictims.blogspot.com' alt='' /></div>John Pagenoreply@blogger.com0