Homeowners are in trouble - the warnings have come in thick and fast from professional bodies and financial experts - and now the government has stepped in. They've pledged to help those homeowners at risk of repossession as they come to the end of their cheaper fixed mortgage rates. But the reality is more homeowners are having to turn to debt management plans such as taking out an individual voluntary arrangement as a way to navigate through the credit crisis.

Individual Voluntary Arrangement: Coping with Debt

For those finding it difficult juggling debts, an individual voluntary arrangement is one way of addressing financial difficulties. But the future looks bleak, and it's likely more homeowners will have to face up to issues such as bankruptcy, debt management and individual voluntary arrangement plans. Mortgage lenders have warned the Chancellor that higher rates are here to stay and a return to low rates is unlikely. Although £50 billion has been offered to bail out banks from the Bank of England, lenders say that billions more is needed.

Housing Misery set to Continue

The outlook for homeowners seems bleak – and debt is a looming problem for many. Individual voluntary arrangement plans offer one way of managing finances so debt doesn't take a stranglehold. As the housing misery continues as mortgages levels continue to fall and property prices drop, there seems little hope that the persistent stress on the economy will ease anytime soon. Debt management specialists and advisors who offer solutions such as an individual voluntary arrangement will face increased demand.

Keeping on top of Debt with an Individual Voluntary Arrangement

The Council of Mortgage Lenders has also warned that they expect mortgage rates to increase in the short term putting additional pressure on those already struggling with every day living costs. But lenders have said they will only issue repossession orders as a last resort. They have agreed with the government that they will provide indebted customers with the information they need to get debt help, whether it be taking out an individual voluntary arrangement or finding alternative debt management plans to keep their heads, and homes, above water.

Speak to Varden Nuttall About An Individual Voluntary Arrangement

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.