Troika urges action on mortgage arrears

Slow progress on tackling the mortgage debt crisis has been singled out as a major concern by the troika.

Bailout chiefs have urged the Government to get a firmer grip on the situation as they warn that credit card bills are being prioritised by struggling families instead of home loan repayments.

With the Coalition yet to issue firm guidelines for the new Insolvency Service aimed at helping people in financial distress, the EU/IMF/ECB troika has told ministers to treat the issue with more urgency.