- Thursday, 12 March 2009Setting up an IVA could be a good option for Britons who do not want to become "distressed sellers" - those who are forced to sell their home as they cannot afford their mortgage repayments.
Property investment adviser Assetz notes that, at present, times may be worse for distressed sellers than headline statistics suggest.
Chief executive Stuart Law says: "The best prices, if you can haggle a bargain, are going to be well under the house price index level."
But for distressed sellers, setting up an IVA might seem a preferable alternative to selling their home well below the national average price.
A new IVA can allow between 60 and 70 per cent of an individual's debts to be written off.
By agreeing with all creditors a schedule for repayment, a debtor may find that their finances become easier to manage compared with trying to meet many monthly demands for payment.
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