The Council of Mortgage Lenders (CML) estimate that the number of households falling behind on their mortgage repayments for three months could reach half a million in 2009.

This figure is double the amount of expected homeowners falling behind with payments than this year – estimated at 210,000.

Their predictions also conclude that due to rising unemployment figures, and more people being affected by debt, it would lead to upwards of 75,000 repossessions.

Repossession can often be avoided by dealing with priority debts as soon as possible (these include mortgages/rent, secured loans, utility bills and council tax amongst others). This may leave homeowners having to seek specialist debt advice or in need of a debt help plan, which would involve consultation with a dedicated adviser.

Managing debts using a recognised debt solution – like a debt management plan (DMP) or an individual voluntary arrangement (IVA) – could ensure that homeowners have enough money to maintain regular payments on their mortgages, avoiding repossession and bankruptcy in some cases.

By seeking professional debt advice or professional help with debts, all possible options can be explored. A trained debt specialist can then find the most suitable solution for each individual set of circumstances. This means that debts can usually be cleared in the shortest time possible. With debt management and IVAs, debts can often be repaid at a more affordable rate.

It’s predicted that the global credit crunch and recession will inevitably also affect new home loans too, with less money available to people seeking a new mortgage. Let’s hope Chancellor Alistair Darling can revive the economy sooner rather than later.