Monday 26th of July 2010
Buying a house is one of the biggest expenses that individuals have to deal with in their lifetime.
Information on individual voluntary arrangements (IVAs) might be invaluable, however, if unsecured debts are making it even more difficult to get onto the property ladder.
According to figures from Unbiased.co.uk, the number of consumers seeking mortgage advice in the first six months of this year grew by 24 per cent.
There could be many Brits, though, who are desperate to uproot but can’t afford to because of the amount of cash they are putting towards debt repayments.
An IVA might, therefore, be a sensible option, as it gives you the chance to cut down the money owed on credit cards and personal loans to three or more creditors.
The measure freezes the interest on your repayments, potentially helping you put more cash towards your new home.
And IVA information may also show you how much discipline is required should you let your finances spiral out of control in future.
Karen Barrett, chief executive at unbiased.co.uk, comments: "Consumers have started regaining their confidence in the housing market. Our latest statistics are a very clear sign that it is not just the market that is on the way to recovery but that consumers are back."
By Kimberley Parsons
- 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
- IVA FAQ: Can it prevent me from becoming bankrupt?
