Help for debt-laden mortgage-payers has arrived in the shape of a quarter per cent interest rate reduction, announced this week by the Bank of England.

A charity helpline, National Debtline, which assists people in financial difficulties, said, in statement, that the reduction would particularly benefit those coming to the end of fixed-rate deals.

Spokesperson Beccy Bolden Wilks, has concerns that lenders, preoccupied with dealing with the credit crunch tightening of lending criteria, may not pass on the cheaper borrowing to their clients.

This could lead to some people defaulting on mortgage payments and having their houses repossessed.

Ms Wilks said: "Refinancing is one option if you are getting into financial difficulty, and if you've got a good credit rating, ask yourself can you manage your debt cheaper?

"If that isn't an option for people anymore, then it could be that we'll see more people needing debt advice on the other options - which may include insolvency: IVAs or bankruptcy."

She did sound an upbeat message though by saying that although levels of insolvency had been going up slowly at the end of this year it was "coming down overall".

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