- Thursday, 11 June 2009Households could find the assistance of
IVA specialists to be one way to keep their homes if they enter severe financial difficulty, it has been claimed.
The Daily Express notes that
IVA solutions can help to stop people from losing their homes, unlike alternatives such as bankruptcy.
Readers are told: "The effects of going bankrupt can include losing your home if you are a homeowner.
"But the huge majority of people in debt can solve their problems by signing up to either an IVA or a debt management plan."
The article adds that
IVA solutions typically take around five years and involve a schedule for repayments being put in place.
IVA specialists can coordinate this with all of an individual's creditors, helping to find a way forward that is agreeable for all concerned.
With an IVA, it is also typically possible to write off the unaffordable portion of the debt - which can be anywhere up to 70 per cent.
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