Repossessions set to increase as households struggle to meet costs

With repossession figures expected to top the 50,000 mark in 2010, The Co-operative Insurance has committed to doubling its support to Shelter, the housing and homelessness charity, this Christmas.

At the start of 2009 The Co-operative Insurance and Shelter joined forces to help tackle the growing housing problem with The Co-operative Insurance agreeing, as part of a targeted campaign, to donate £10.00 to Shelter for every new business home insurance policy taken out.  

Throughout December, The Co-operative Insurance will commit to doubling its support to Shelter in 2009 and will increase the volume of donations made by extending its commitment to every home insurance policy bought online and is hoping to raise £24,000.

Over a quarter of householders in the UK are suffering mental anguish and depression due to housing cost worries, with over 2 million households finding meeting housing costs a constant struggle, including 400,000 who are specifically falling behind with rent and mortgage payments.

As a responsible financial services provider The Co-operative Financial Services (CFS), of which The Co-operative Insurance and The Co-operative Bank form part, works closely with its customers to ensure they both stay in their homes and have adequate insurance cover for their property and possessions. In fact since the beginning of 2009 The Co-operative Bank, which has some of the lowest repossession figures in the industry, has been involved in only 19 repossessions - which equates to less than 0.03 per cent of its mortgage book.

With the festive season now upon us, households will face increased financial pressures with additional seasonal costs contributing to householders money worries.

James Hillon, Head of Home Insurance at The Co-operative Insurance, said: "Sadly, there are many families, couples and individuals who are at risk of repossession or eviction around the UK particularly at Christmas. The Co-operative Insurance fully supports Shelters admirable work to help people by providing valuable help and advice to those who may be at risk of loosing their homes or who are struggling to manage their financial commitments.

"In 2010 we will be looking at additional ways in which we can build on the existing support provided to Shelter to ensure that those most at risk don't face the unthinkable consequence of loosing their home".  

Louise Parks, Director of Fundraising at Shelter, said: "In the current climate, it's the most vulnerable people in society who have been hit the hardest. The support we've received from The Co-operative Insurance has been invaluable and has provided a vital lifeline to those who are struggling to keep their home, or in fact don't have a home.

"We are currently exploring ways in which we can develop additional campaigns with The Co-operative Insurance which will ensure that the momentum achieved to date continues."