How To Keep Your Home And Retain Control Of Your Property
Do you have equity in your property? Do not worry. The risk of losing your home is one of the biggest burdens to face those in debt, but losing your property can often be avoided.
There are alternative debt solutions.
Imagine the scenario…
You find yourself facing bankruptcy proceedings because you have amassed large credit card and personal loan debts. Maybe you’ve enjoyed a good income, have owned your own home for some time and your household income has covered your outgoings. You can still find yourself up to your neck in credit card and loan debts, as the majority of today’s consumers do.
Often, this debt will grow and you’ll find it increasingly more difficult to make the minimum payments (which are also increasing).
Lets say you get to a point where you’ve amounted £1000 of monthly debt repayments and just cannot pay them. The creditors have started putting on the pressure and you are worried about losing your home. After all, being made bankrupt with equity in your home, would mean that the house would have to be sold to pay the debts back.
If you have equity in your home and are facing bankruptcy, you have an alternative to losing control of your assets. You can use an Individual Voluntary Arrangement (IVA) based on what you can comfortably afford to pay your creditors.
For example, instead of the £1000 you’d had to find previously with interest rates included, you can create an arrangement that:
- Reduces your total debt by as much as 70%
- Reduces your monthly payments by as much as 70%
- Freezes interest charges
- Enables you to keep your house (and its equity)
Creditors will often prefer an IVA to petitioning for bankruptcy as bankruptcy fees are higher, and they won’t recover as much of the debt as they will with an IVA.
Debt Solutions: Bankruptcy
Debt Solutions: Bankruptcy: Bankruptcy
Debt Solutions: Bankruptcy: Equity in your property?
Debt Solutions: Bankruptcy: Bailiffs
Debt Solutions: Bankruptcy: New Bankruptcy lawlegislation
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- Simply enter your debt details
- Wizard will tell
you which solution is best for you
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