Summary
W.O.writes: We're struggling to stay on top of our mortgage and other loans after my overtime at work dried up. I have been talking to a debt agency about a voluntary arrangement that seems to give us a way of cutting repayments. Is it a sensible move? M.K.replies: You will need to speak with your mortgage lender about ways to reduce your mortgage payments as it is a debt secured on your home.
An Individual Voluntary Arrangement (IVA) will deal only with unsecured debts such as personal loans and credit cards.See the full content of this document
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