Friday 1st of May 2009
The government is failing to help families avoid repossession in the current economic climate, it has been argued.
According to the Liberal Democrats, figures showing that only one household has been approved for the Mortgage Rescue Scheme are "appalling".
Those who find that they are having difficulty in repaying their mortgage as well as other debts may benefit from seeking IVA advice.
Secured loans are not included in individual voluntary arrangements, but they can help borrowers to keep on top of other loans so that mortgages can be managed and repossession avoided.
Commenting on the government statistics, shadow housing minister for the Liberal Democrats Sarah Teather said that "tens of thousands" of families could lose their homes this year.
"This is an appalling failure by a government that is more interested in headline-grabbing than in helping families through the economic crisis," she added.
Last month, Credit Action revealed that a home is repossessed in the UK every ten minutes.
- 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
- Information on IVAs could put an end to dwindling coffers
