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The following article was published in our article directory on December 2, 2009.
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Can An IVA Save My House From Repossession?

Article Category: Finances

Individual Voluntary Agreement or IVA as it is commonly known is the most suitable way of getting out of a bankruptcy. Home mortgage is the most excellent option to own a home in the United Kingdom. There is hardly anyone in the UK who has not purchased a home without taking some help in the form of mortgages. Whereas the mortgage has become a well-liked option, not all are allowed to pay the mortgage rates on a monthly basis. Delinquencies are higher and so are home possessions.

As a matter of fact, home possession rate in the UK is growing very fast. People find it difficult to pay their mortgages and as a result face the ultimate situation. They see their belongings being seized by the creditor and proprietor or renters are forced out. That is in fact a very terrible situation as people can become homeless if they do not have any alternate arrangement.

A number of ways are there that can help you in staying off a home repossession. IVA, as noted above, is one of the most suitable ways of doing it. How can it actually help you in protecting your residence from repossession? Following lines will give you some understandable answers.

IVA is helpful in preventing a home repossession disaster if you have properly done your homework. This refers that you have read all the terms and conditions of the credit agreement, among other things. Moreover, you have to get in touch with a company that deal in IVA business. Many companies are there in the UK that help troubled homeowners to refinance their debts. You can find one with a good market reputation and friendly rules and regulations.

Coming to the nuts and bolts of an IVA arrangement for your debts, the most essential thing is the interest rate and monthly payments. An IVA would be practically useless if you still pay high interest rates and ultimately considerable monthly payments. You have to reach an agreement in such a way that the interest rates should not be higher than 5%, if possible.

In the same way, monthly payments have to be under ₤1,000. Talk to your creditor to settle the payments in a way that will help you. A prorogued payment is another way of dealing with this problem.

A delay in the payment of mortgage will make you to concentrate on your economic matters and sort them out in a logical manner. Also known as payment holiday, this arrangement works fine for majority of homeowners. You just have to be very heedful to prevent any further bad decisions like borrowing another loan to pay off the old one. This can indeed lead you in big trouble.

An IVA can also save your house from repossession if you have worked out an extension of the mortgage contract with the creditor. The extension can be of a few months or even a couple of year. If you have done good negotiation with solid proof of your fiscal troubles, a company can rearrange your mortgage and extend the duration of the contract.

Keywords: iva help, iva advice, individual voluntary arrangement, iva advice

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