The financial ombudsman has said a rising number of people are in “debt denial.”
As a result, these people will not seek help.
Many mortgage holders are reportedly making unrealistic appeals to lenders and are seeking help when it’s too late.
Last year the financial ombudsman received a record high of 13,659 complaints about mortgages.
Almost 40% of these cases involved homeowners who were struggling with repayments.
Tony Boorman, chief financial ombudsman said,
“Mortgages are the most significant purchase most of us will make in our lives, so we may understand why people might be reluctant to say that they’re struggling to pay for their home.”
A spokesperson for Rescue My Property said,
“This news is disconcerting yet not surprising.
“The first and most difficult step is admitting there is a problem.
“So many people are not forthcoming when it comes to admitting they are in financial difficulties.
“This situation is so challenging for any family, but we have to emphasise that this heartbreak can be avoided.
“At Rescue My Properties, we have helped over 3000 clients deal with their property related problems and crippling debt.
“We guide our clients until they are debt free.”