Monday 19th of July 2010
Individual voluntary arrangement (IVA) questions might ease the concerns of cash-strapped Brits struggling to afford to keep up with rent or mortgage repayments.
According to the Consumer Credit Counselling Service (CCCS), a recovery in the housing market could lead to growing numbers of people in the UK being forced out of their homes.
This is due to lenders potentially enforcing suspended possession orders after having been lenient in the difficult market.
Questions on IVAs may, however, provide priceless information to those of you who are worried you could be one of the ones to lose your dwelling in the future.
IVAs protect the equity on your family home, meaning that it may be safe from creditors despite your inability to meet home loan or rent repayments.
And by freezing the interest on the cash you owe, you could find you have more control over your finances than previously, with your income going further every month.
Delroy Corinaldi, CCCS’s director of external affairs, says: "There is no doubt that lenders have shown leniency towards debtors during the recession by not enforcing suspended possession orders. However, this leniency may have been partly determined by the markets."
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
- Trying to pay back your personal loans? IVA answers may offer a helping hand
