The number of homeowners falling behind on their mortgage payments has reached the highest level in 12 years. The banks have been accused of cashing in on struggling households as the number increases.
The charges imposed on home owners in arrears by Britain’s high street lenders have been described as unfair by politicians and economists.
According to The Treasury Select Committee the lenders are charging as much as £150 for a visit by a debt counselor and £35 for sending a letter or making a phone call. These are excessive charges that go beyond covering administrative costs and are used to boost profits which is intolerable.
