Home > News > IVAs

Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy

Rising repossessions `down to borrowers and lenders`

09/11/2007

Borrowers and lenders must accept the blame for rising debt problems and house repossessions, a financial specialist has claimed.

Consumers have got into the habit of paying bills with credit cards, building up debt that they then pay off by remortgaging their property, according to the director of the Repossessions Advice Centre (RAC).

This, in turn, is expected to lead to a number of people not being able to pay their mortgage repayments, which will lead to repossession of the property, David Warnes stated.

Earlier this week, the RAC said predictions from the Council of Mortgage Lenders for a 50 per cent rise in repossessions during 2008 are "conservative"

Mr Warnes added: "Had people decided that they ought to earn money for the petrol in their car rather than putting it on credit then maybe they wouldn`t have got into the trouble they`re in."

The RAC is designed to help people find their way out of repossessions situations.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according