- Wednesday, 15 April 2009The current property market could be making
IVA solutions a more immediate option than alternatives such as equity release.
Figures from Key Retirement Solutions indicate that fewer equity release plans are currently being entered into than has been the case in recent years.
In the first quarter of 2009, total lending through such plans stood at £183 million - a fall of almost a quarter from its previous level of £240 million in the same period of 2008.
Property price falls of around 16 per cent have driven this figure downwards, as well as a seven per cent slump in the total number of equity release plans entered into.
Dean Mirfin, group director for Key Retirement Solutions, says: "Those considering equity release may be waiting for property prices to improve, but this could well prove to be a false economy."
With IVA plans, however, consumers could begin restoring their finances without the need to release equity immediately.
Equity can be released from a property some years into
IVA solutions - by which time the market may have begun its recovery.
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