Sunday 23rd of May 2010
Individual voluntary arrangements (IVAs) could provide new homeowners with the peace of mind that they’re able to pay off their mortgage without having to worry about credit card and personal loan repayments.
It has been revealed by the Council of Mortgage Lenders that gross mortgage lending stood at an estimate £10.2 billion in April.
However, IVAs may benefit many of those who bought a house last month, if they’re struggling to get by because of their income being increasingly stretched to cover unsecured debts, as well as a mortgage.
Asking IVA questions could help you come to the decision to sort your finances out once and for all and get out of the red, so that you can focus on keeping a roof over your head and affording the cost of everyday essentials.
They can’t help repay home loans, but all that cash you owe on unsecured finance deals could be whittled away over a period of around five years, potentially putting your money troubles behind you once and for all.
After all, a mortgage is enough debt for anyone in the aftermath of a recession.
By Hayley Jones
- 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
- Credit card worries may be relieved by IVA answers
