MPs to get mortgage and debt education

MPs are to be given education in personal finance issues to help deal with the onslaught of constituents coming to them with debt and repossession woes.

A guide to personal finance is being sent to MPs to show them how to approach financial problems that fill their bulging mail sacks and constituency surgeries.

Devised by industry coalition Financial Fringe, the guide includes investments, debt, loans, mortgage arrears, credits and savings among its 25 topics.

Mark Lazarowicz MP, chairman of the all-party group on debt and personal finance, said: "Financial issues rate high in MPs' postbags.

"We hope this guide will help consumers make the right financial choices to enable them to plan for and protect their futures."

He added: "Competition gives consumers an opportunity to select appropriate products – but it is very important to ensure that they understand how these work and where to go if they need help."

The guide also includes tips on avoiding fraud, how to budget and save for Christmas and ISAs, as well as the basics of home and motor insurance.

It also provides some tips for those facing repayment difficulties on their mortgages:

• Contact your lender as soon as possible
• Be totally honest with your lender
• Work out a repayment plan with your lender
• Keep a close eye on your finances to ensure you can keep up with the agreed plan
• Contact your lender to review the plan if your difficulties continue

The guide also advises to people to contact their local Citizens Advice Bureau, National Debtline or Shelter.