Thursday 1st of October 2009
A Briton is declared bankrupt almost every four minutes, according to this month’s Credit Action report - something that could be avoided by using an individual voluntary arrangement (IVA).
The report also reveals that 125 properties were repossessed every day in the quarter up until the end of June.
Bankruptcy is a last resort to many desperate debtors, but an IVA may be a more effective final throw of the dice.
An IVA, crucially, could save you from losing your home and business.
A financial expert will restructure your debts with creditors, possibly lengthening the payback period and lowering interest rates, in order for you to be able to meet monthly repayments.
This may mean you will be able to avoid joining the list of bankruptcy victims - a list growing every 3.97 minutes according to the statistics.
Mortgage lenders estimate the number of repossessed properties could rise to 178 a day in 2010, so now could be the perfect time to seek IVA advice and hopefully prevent your home being one of those statistics.
By Neil Burton
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Bankrupt Brits 'not allowed basic banking services'
