Tuesday 6th of July 2010
Individual voluntary arrangement (IVA) answers may help those concerned about the possibility they will become unable to afford their debt repayments should interest rates rise.
Research by Principality Building Society has indicated 44 per cent of Welsh people expect an increase before the year is out, a situation that could result in the cost of borrowing increase.
If you are worried you will be unable to meet repayments in this event, seeking IVA information may help you see there is a way to reduce what you owe in a manageable way.
While mortgages are not covered, those who owe more than £15,000 and are willing to put in the hard work required to clear their slate could find such payments become much less daunting.
And consumers may wish to ask IVA questions sooner rather than later, particularly as Principality’s Graeme Yorston commented: "There is no doubt that the base rate will rise - the real debate is at what point in time this will happen."
By Ashley Littley
- 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 answers to benefit debt-ridden grandparents?
