Monday 14th of December 2009
Many of you who are stuck with high levels of unsecured debt may want to clear these balances so that you can buy a home for you and your family.
A new poll has found that a variety of financial demands, such as the expense of raising children and paying of debt, means that many of you who dream of owning your own home are unable to do so.
One of the biggest fears is that a mortgage is merely topping up the amount of cash you owe, Scottish Provident reports, although an individual voluntary arrangement (IVA) can be used to clear your unsecured debt, such as credit cards and personal loans.
You may have a few questions on IVAs, particularly how they can help you get on to the housing ladder. IVAs can freeze the interest on unsecured debt and enable you to make smaller, monthly repayments.
Once your coffers are in the black, you may be more confident about taking the plunge and obtaining a mortgage to provide you and your family with property security.
Susan Barclay, head of marketing at Scottish Provident, says "thousands" of you are currently unable to afford your own home.
By Ashley King
- 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
- Can an IVA protect me from climbing energy bills?
