Tuesday 30th of June 2009
An increasing number of homeowners may have to turn to individual voluntary arrangement (IVA) advice after figures show that at the end of May, six households had been helped by the Mortgage Rescue Scheme.
The figures released by the Communities and Local Government department show that four households have been helped since the end of April, which saw two households granted support.
Four households in the West Midlands, London, the south-west and south-east have been recently granted support under the Mortgage Rescue Scheme, which could leave thousands more Britons in need of IVA advice.
With many Britons struggling to meet their mortgage repayments because of other financial commitments such as personal loans, an IVA could make loan repayments more affordable, leaving homeowners with the cash to pay off their mortgage.
"Repossession is a ticking time bomb. Despite the predictions of a modest fall, the numbers of repossessions are likely to soar in the next two years because of rising unemployment," commented Liberal Democrat treasury spokesperson, Vince Cable, on the Mortgage Rescue Scheme.
The Trades Union Congress previously stated that unemployment is set to rise until at least autumn 2010.
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