Tuesday 18th of August 2009
There were 11,400 repossessions during the second quarter of this year, it has been revealed, which could highlight the problem of bankruptcy within the UK.
Statistics from the Council of Mortgage Lenders (CML) showed that this is a 14 per cent increase in the number of repossessions witnessed in the same period last year.
Homeowners who are in serious debt may want to avoid the potential for them to lose their property, especially if they have a family. Instead, seeking individual voluntary arrangement (IVA) advice could be a much preferred alternative.
"With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010," stated head of policy at the CML Jackie Bennett.
Indeed, KPMG has predicted that the high levels of Britons taking out IVAs will continue and is a "permanent" cultural change.
One reason for this could be that many individuals will want to avoid declaring themselves bankrupt and opt for a different way to meet their financial commitments.
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
- IVAs 'are the right solution for some people'
