Thursday 6th of May 2010
Individual voluntary arrangement (IVA) FAQs could give you the information you need to take steps towards protecting your family home amid a serious debt problem.
One of the most worrying things for anyone when struggling financially is the prospect of losing their house.
And unfortunately this becomes a reality for many people in Britain, as the latest Credit Action debt statistics show a property is repossessed every 11.4 minutes.
IVAs, however, could cut your unsecured debts on credit cards and personal loans worth over £15,000, while offering you the chance to keep your family home - even in the face of insolvency.
That’s because IVAs protect the equity on your property, which isn’t the case for those who opt for bankruptcy as a way out of their debts.
In addition, they freeze the interest on the money you owe, potentially helping you maintain control of your debt repayments much easier than before.
And all with the peace of mind that you still have a roof over your family’s heads.
- 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
- IVAs could wipe out lingering store card debts
