Sunday 20th of June 2010
Asking individual voluntary arrangement (IVA) questions could be beneficial for new homeowners who are having trouble juggling the cost of their mortgage and unsecured debts.
Data from the Council of Mortgage Lenders shows borrowing in the form of home loans increased by seven per cent in May compared to the previous month.
That’s £11.3 billion - up from £10.5 billion.
With the statistics potentially suggesting there are now more homeowners in Britain needing to splash the cash on mortgage repayments every month, it could be that asking questions on IVAs is a positive move for those who already owe money on personal loans and credit cards.
That’s because IVAs merge all of your debt outlay into one monthly, reduced-rate payment for a period of around five years, which may help you balance the books and get out of the red.
And once you’ve successfully completed the procedure, you might find yourself with considerably more disposable income to put towards your mortgage repayments and ensure you don’t end up in arrears.
After all, in such uncertain economic times, there is little more important than keeping a roof over your family’s head.
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
- IVA answers may help older Brits fill their coffers
