Monday 16th of August 2010
Individual voluntary arrangement (IVA) information could help Britons who are concerned about the possibility of losing their home.
With many people struggling to keep on top of what they owe, communities secretary Eric Pickles highlighted the need to seek advice.
Council of Mortgage Lenders figures revealed repossessions declined in the second quarter of this year, but research by the University of York's Centre of Housing Policy has shown many people have been forced to sell their property before reaching the point of losing it.
But for those who owe more than £15,000 on unsecured financial products to three or more creditors, an IVA can freeze interest and allow debts to be repaid over five years.
While hard work and commitment is required, this form of insolvency protects equity on homes, which can mean the fear of repossession is reduced.
Commenting on the latest statistics, Mr Pickles observed: "There is no room for complacency - struggling homeowners must take early advice to have the best chance of staying in their homes."
By Neil Burton
- 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
- Could an IVA help you turn your back on lenders?
