Mortgage holders 'seeking help with IVAs'
Mortgage holders 'seeking help with IVAs'
Wednesday 12th November 2008
Commenting on the latest figures from the Insolvency Service, KPMG's director of personal insolvency Mark Sands said this year has seen a "dramatic increase" in the number of IVA customers who are also mortgage holders.
KPMG's own analysis of the IVA data found that people with mortgages now make up about 45 per cent of those seeking debt help through an IVA - up from 30 per cent in 2007.
"Consumers are yet to see the benefits of falling interest rates as their mortgages continue to eat up more of their income," Mr Sands said.
"As a result, more consumers with mortgages and additional unsecured debt are turning to IVAs to help them reschedule their credit card and loan repayments to relieve the pressure."
The Insolvency Service figures state that 9,746 people entered an IVA in the third quarter of 2008, representing an increase of 3.3 per cent on the previous quarter.
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