Citizens Advice comment on sub-prime market

Sue Edwards, Citizens Advice, said: “Citizens Advice welcomes the work of the FSA in its review of the behaviour of intermediaries and lenders in the sub-prime market. At Citizens Advice we see many cases where people are falling into arrears very quickly after taking out the loan, which questions whether their ability to pay was clearly checked at the outset. The impact on our clients results in unbearable stress and the loss of their homes. Citizens Advice would like to see the OFT pick up on this work and look at the same firms in their selling of second charge mortgages.”