THE administrator of failed lenders Northern Rock and Bradford & Bingley is monitoring its 750,000 mortgage-holding customers for signs of financial stress and will offer advice to any it feels may be struggling, it emerged yesterday.
UK Asset Resolution checked customers’ creditworthiness to identify those that may need to cut spending to continue paying their mortgages and is now contacting about 30,000 to offer advice on managing money.
It is calling about 30,000 of its borrowers at a rate of about 2,000 every week to suggest that they spend less to give them more financial leeway.
UKAR is particularly concerned that some may struggle to meet higher repayments as interest rates rise from the current ultra-low level.
“We always treat customers fairly. Where there are signs that any of our customers may be getting into difficulty with their mortgage we call them to offer help and advice,” it said.