Lamport Bassitt Solicitors - Legal News - IVAs 'can stop people losing their homes'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS IVAs 'can stop people losing their homes' People seeking an insolvency lawyer have been advised that while an Individual Voluntary Agreement (IVA) is a "serious step", they can mean a person holds onto their home. Paul Crayston, media officer for the Money Advice Trust, said that this type of arrangement may not be suitable for everyone. He explained that it is very much dependent on how much a person earns, noting that it will affect future credit approvals. "If you're in a situation where you have a large amount of unsecured debt and you're concerned about perhaps losing your house or something like that - an IVA might mean you'd be more likely to hold on to your property," he added. It comes as R3, the Association of Business Recovery Professionals, is warning that eight million people will go into their overdraft in June, with a quarter of those unauthorised. In addition, six million people are behind with some of their bills and payments - an increase of two million in just three months. Posted by Paul Stevens Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News