House prices, the cost of borrowing, inflation and the cost of living are all predicted to rise over the next three years. However, some are finding that their wages do not reflect these changes and are entering a spiral of debt that eventually leads to an Individual Voluntary Agreement (IVA).
Figures suggest that the amount of IVAs applied for is set to triple between now and 2010, when it will climb above the 50,000 mark.
Yet, ironically, there are those who simply cannot afford to become insolvent. Speaking about the 500 fee to become insolvent, a member of the CAB said: What were seeing is a lot of people who cant afford to go bankrupt, but need to go bankrupt. They cant afford the fee.
Others, with IVAs, may also have fallen foul of the legislation that demands the release of any equity in property or possessions to creditors and find the assets they thought they had set aside for the future, rapidly dwindling away.
However, there are mortgage brokers who specialise in arranging home loans or remortgages to people who have solvency problems, reducing the need for an IVA. By agreeing a rate of repayment that suits their particular circumstances,...
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