- Friday, 18 September 2009The number of people entering into
individual voluntary agreements (IVAs) could increase as the amount of people going into mortgage arrears "seems to be increasing".
According to the Money Advice Trust (MAT), the quantity of people falling into arrears is rising, despite reports from the Financial Services Authority (FSA) that the repossession rate is stabilising.
Beccy Boden Wilks, debt adviser for MAT, said: "What we are seeing at the moment is that, yes, repossessions are down, but the overall number of people with mortgage arrears seems to be increasing."
Figures from the FSA indicate that repossessions have fallen by nine per cent in the three months to June compared to the first quarter.
By contrast, there has been a 30 per cent increase in the number of people falling into arrears since the start of the year.
The Building Societies Association has found that 97 per cent of homeowners that have gone into mortgage arrears in the last two years have not faced repossession.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960