Property ‘remains safe with IVAs’
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
Individual voluntary arrangements (IVAs) ensure that property is safeguarded, it has been observed.
Individuals taking out an IVA are assured that their home is not at risk - which is a confidence that people choosing bankruptcy do not have, pointed out James Falla, managing director of Thomas Charles.
The assurance given to homeowners through IVAs that their property will be safe is "absolutely 100 per cent - your title remains with you", explained Mr Falla.
He added that the key difference between IVAs and bankruptcy is that the latter option means that control and ownership of homes is automatically revoked.
"With an IVA, you retain control of your property," the managing director said, adding that people with IVAs will still probably be required to release equity from it in order to pay off their debts.
However, if an IVA agreement is not maintained then consumers could find themselves at risk of being declared bankrupt, he added.
A study published by PricewaterhouseCoopers this week found that Britons owe an average debt of £33,000.
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