Home owners pay off arrears

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More than half of homeowners in Yorkshire who defaulted on their mortgage during 2012 managed to pay back some of their debt in the first three months of 2013.

A new study by Ascent, part of Sheffield firm law Irwin Mitchell, shows Yorkshire homeowners paid off arrears faster than people in a similar position in the rest of the UK.

The study, involving more than 37,000 UK households showed three out of five Yorkshire defaulters paid off some of their arrears during the first quarter and more than a third paid off all their arrears.

Niall Gilhooley is chief executive at Ascent, which helps major financial institutions and other corporates to recover arrears and provides support and advice for defaulters.

He said: “Many UK consumers tend to find the first three months of the year very challenging from a financial point of view, with many tightening their belts after the Christmas period and ensuring that their household budgets are back on track.

“When you factor in high fuel bills and an inflation rate still hovering around the three per cent mark, the fact that more people are paying back more of their defaulted debt should be viewed positively.”

Ascent began trading in 2009. The business has grown strongly since then and its consolidated revenues now exceed £5 million a year.

At the beginning of November, Ascent acquired Banbury-based PDP Management Services, making the Sheffield firm the market leader in mortgage arrears field agency work with a market share considerably in excess of 25 per cent.