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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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The number of repossessions leapt by a third during 2007, it is expected figures soon to be released by the Council of Mortgage Lenders (CML) will show.

It is anticipated that the organisation is to release statistics which reveal around 30,000 British homes were repossessed by lenders last year, an increase of 32 per cent on 2006, the Associated Press reports.

Lenders would take such action if the borrower was unable to meet their repayments.

Furthermore, it is thought likely that the CML will predict repossession levels rising to 45,000 this year which is an intensity not seen since 1995.

Those who struggle to meet their mortgage because of the high cost of maintaining their other borrowing may be concerned that their debt will tip them into homelessness.

One option for such borrowers is an individual voluntary arrangement (IVA).

Such agreements are settled in court and allow the debtor to repay an affordable monthly sum for a set period of time.

At the end of that period, any remaining debt is written off.

IVAs allow stricken borrowers to retain ownership of important possessions such as their home.

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