Monday 29th of March 2010
Seeking individual voluntary arrangement (IVA) answers could be a good idea for Britons who feel they can’t afford to take advantage of declining house prices as a result of money owed on credit cards.
IVAs can help clear unsecured debts of over £15,000 and freeze interest rates on plastic and personal loan repayments - allowing you to dedicate more of your salary to boosting your coffers.
And now could be a great time to make use of these savings, after the Land Registry revealed property values dipped by 0.3 per cent last month compared to January, leaving the average house price in England and Wales at £164,455.
However, data from Nationwide recently suggested house prices declined by as much as one per cent last month.
Commenting on the figures, chief executive officer of property advice firm Assetz Stuart Law said: "[Property hunters] have to make a decision to buy something and now is a good time."
But if, realistically, your debts mean now is the wrong time to buy a home, clearing what you owe through an IVA could help you get your foot on the property ladder further down the line.
Written by Rachel Powell
- 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 help could allow you to wake up to your financial problems
