- Friday, 3 April 2009An IVA application could be one option for Britons who find they are unable to meet their mortgage repayments.
The Building Societies Association (BSA) has told consumers, however, that their lender may be a good place to start should they find themselves entering arrears on their monthly mortgage costs.
Paul Broadhead, head of mortgage policy at the BSA, says: "Struggling borrowers should contact their building society as soon as possible."
The BSA adds that this will not necessarily mean that repossession procedures will be started by the lender.
For some Britons, the
IVA process could prove to be one way out of debt which does not need them to be declared bankrupt.
With an IVA application, property can be prevented from being repossessed by agreeing an alternative schedule for repayment with all of an individual's creditors.
Up to 70 per cent of the total amount owed can also be written off under some IVAs.
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