Charlie Weston: Well-thought-out personal insolvency scheme urgently needed
IT is a sad fact that thousands are going to lose their homes over the next few years. And most of those in mortgage distress would be better facing that reality now rather than getting themselves deeper into debt.
But no fair-minded financial adviser would encourage anyone with an unsustainable mortgage to hand back the keys now, ahead of the expected introduction of a more humane and modern personal insolvency regime.
That is the mess we find ourselves in and the announcements of last week only go some of the way toward fixing it.