More and more people are turning to IVA help as repossessions rise and the cost of living causes unmanageable debt. With many people threatened with repossession could an IVA help homeowners retain their properties? In this article we’ll be looking at what lies behind the rise in repossessions and whether IVA help could help halt the process.
It is not just those living on the poverty line who are struggling with unmanageable debt and the threat of repossession. Stories about the middle classes descending into financial turmoil and homelessness are now becoming much more common. The economic climate is causing businesses to founder, debts to accumulate, mortgages to become unpayable and forcing thousands of people to seek debt management solutions like IVA help.
Worse could be to come. Experts are predicting further rises in repossessions in 2012. The culprits are sure to be the rising cost of living, the unstable economy and their combined, unrelenting pressure on household finances. The number of homeowners who fall behind on their mortgages is expected to rise by 2.5% placing even more people at risk of repossession.
If you are facing repossession, could an IVA help? In many cases debt management solutions are useful. Solutions like IVA help can freeze the interest on debts, including your mortgage, and can reduce the monthly payments you are required to pay. Whether IVA help is a viable option for you rests on your creditors. If a minimum of 75% of your creditors agree to you using IVA help, you could prevent the repossession of your home.
If you think you may require IVA help to allow you to manage your debts the first step is to speak to a debt management professional you can trust. IVA help is not the best option for everyone, but if you are a good candidate IVA help could make repaying your spiralling debts less stressful and more manageable. For expert advice and information about IVA help contact us today on 02920 346 536.