Now that the holiday season is over the phone calls and post to London House are back to their normal high levels following the usual August dip. A number of people have commented this year on how quiet August seemed to be.
These are interesting times for the industry with a number of debtors making the most of the continued low Base Rate to make inroads into their debts. Indeed, a study on behalf of solicitors, Irwin Mitchell, of data from 12,500 households in mortgage arrears showed that more than half of those borrowers, who had received a home visit about their default, paid off some or all of their arrears during the second quarter of 2011.
The study also showed that the amount of these borrowers paying off their arrears had increased 7% compared to the same quarter in 2010. It had also shot up by 43% compared to two years ago.
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