FSA: People need to take control of their finances

Posted 2008-06-1

A watchdog has warned borrowers they must stay in control of their mortgages and loans.

The Financial Services Authority (FSA) is campaigning to help people stay on top of their mortgage payments and act to stabilise their finances before it is too late.

A £1.5 million press and radio advertising campaign will run for the next three weeks and urges people to think about how they could cope if their mortgage payments increased and make a detailed budget to help them see what is left when they have paid their outgoings.

"If people find that a change in circumstances has made it difficult for them to meet their mortgage repayments, they shouldnt panic but they should act immediately," said Chris Pond, FSA director of financial capability.

"Lenders will be able to offer options and there are also free debt advice agencies available."

This follows news from credit card company Egg that a quarter of Brits do not have sufficient savings to cope with a financial emergency.

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