Saturday 12th of June 2010
Individual voluntary arrangement (IVA) FAQs may provide you with some much-needed information if you’re concerned about the prospect of losing your home because of your debts.
And according to the Money Hospital, growing numbers of people could end up facing serious financial difficulties after the implementation of the government’s proposed spending cuts.
Undertaking an IVA could, however, be your best bet if there is a possibility the money you owe could lead to you losing your family home.
This form of insolvency protects the equity on your house, meaning you may not be required to sell your property despite your mounting debts, which is not the case with bankruptcy.
It may also be a wise alternative to bankruptcy as the measure does not obstruct your career path in certain sectors.
IVA FAQs may, therefore, ease your repossession worries and help you get your finances in check in preparation for any unexpected government cutbacks that may lie around the corner.
"Potential rises in interest rates, increasing unemployment and diminishing support for forbearance measures could all mean that borrowers struggle to meet repayments in future," the Money Hospital states.
By Chris King
- 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 to benefit self-employed?
