The Financial Services Authority has revealed that 1 in 5 property owners are worried about their ability to pay their mortgages in the next 12 months and fear remortgages.

In 2007, the number of people defaulting on repayments and home repossessions was at its highest rate this decade last year, rising by 21% in 2007 alone. Despite this, the numbers are still comparatively low compared to the housing crash of the early 1990.

However, with increasing concerns over a rise in the number of people defaulting on repayments, the FSA has launched a £2 million advertising campaign aimed at worried home owners.

This comes just as a quarter of homeowners who are in trouble with their repayments have admitted that they don't know how they are going to meet the extra costs. This is a story I am hearing over and over again.

Worryingly, more people are turning to loan sharks, so they can avoid debt – only to find themselves in even more debt. It’s a catch – 22.

Will the government do much more the make the banks treat customers more fairly?