- Thursday, 2 April 2009Britons who find they are unable to release equity from their homes could look to
IVA solutions instead.
Figures from the Bank of England show that housing equity withdrawals fell in the fourth quarter of 2008.
During the quarter, around £8 billion was added to the nation's communal equity, indicating a fall in the amount being withdrawn.
Stephen Thornton, UK media relations manager for the Royal Institution of Chartered Surveyors, notes the reasons behind such a trend.
"The constraint on household borrowing from the loss in value of residential property contributed in no small way to the one per cent decline in consumer spending in the fourth quarter," he contends.
Britons who have relied on equity withdrawals through remortgaging in recent years could find they face a renewed need for
IVA help.
IVA solutions can help to deal with debt without an individual losing ownership of their property, as well as eliminating up to 70 per cent of the total amount owed.
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