Debt Expert Solution

A borrowing culture in the UK means that financial difficulties are rife. According to CreditAction.org, Britain's personal debt increased by £1 million every 40.6 minutes in January 2009. Just 12 months earlier, it increased by £1 million every 5.3 minutes. A debt solution, such as an IVA, can help a homeowner to balance household bills.

What Debt Solutions are Available for Homeowners?

There are fewer debt solutions available for homeowners than tenants, but a Debt Management Plan or Individual Voluntary Arrangement (IVA) can help someone that owns a home to become debt-free. Homeowners don't qualify for a Debt Relief Order (DRO) and personal bankruptcy should normally be avoided due to its connotations.

Become Debt Free with an Individual Voluntary Arrangement

An Individual Voluntary Arrangement is the principle alternative debt solution to personal bankruptcy. A minimum of 75 per cent of creditors, in terms of value, must vote in favour of the agreement. Debtors provide a breakdown of all household bills in order that affordability can be established. If voted in favour of, an IVA is legally binding on anyone that is owed money by the debtor.

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