Friday 14th of May 2010
Asking individual voluntary arrangement (IVA) questions may be of benefit if you’re concerned about the prospect of losing your home because of an escalating debt problem.
According to chief executive of Citizens Advice David Harker, this is a worry for many households in the UK at the moment, despite figures from the Council of Mortgage Lenders showing repossession fell in the first three months of 2010.
Embarking on an IVA may be a sensible next step if you owe more than £15,000 on credit cards and personal loans and are struggling to pay the rent or mortgage as a result.
That’s because IVAs protect the equity on your property, unlike bankruptcy, meaning you may not be required to sell up no matter how bad your debt problem is.
If, as Mr Harker describes, you’re one of the "many thousands of families … still in a very precarious position", asking for help sooner rather than later could get your finances back on the right track.
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 may help out the struggling self-employed
