Sunday 27th of June 2010
Information on individual voluntary arrangements (IVAs) could be of help to those worried their debt problems are so severe they are unable to pay their rent.
Figures from the Consumer Credit Counselling Service (CCCS) have shown a significant increase in the number of tenants concerned about eviction.
And the charity’s Laura Carver suggested the trend could mean "the personal finance situation for those in rented accommodation is deteriorating to the extent that they may end up homeless".
IVA information can, however, show you it is possible to reduce what you owe through an affordable repayment plan over a period of five years.
You may be eligible if you owe £15,000 or more to at least three creditors - and, with the CCCS finding the average person living in rented accommodation has 5.5 unsecured debts, IVAs could be the answer for many of those who are concerned about their ability to keep a roof over their head.
- 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
- Can an IVA protect me from climbing energy bills?
