Mr. Mike Roberts
Mike has been a member since Sunday, 20th of February 2011 and has so far written 5 articles. He lives in England.
Latest articles by Mike
- Trust Deeds - an IVA by any other name?
- Minimum deposit percentages for re-mortgages during the recession
- DMP - a viable solution
- An increase in re-possessions leads to more enquiries about IVAs
- HP - the pros
Trust Deeds are fundamentally the Scottish name given to IVA's.
There are some differences between the 2 products but, in essence, they are the same thing.
Prior to the current recession, banks & building societies were granting mortgages with a minimum of 5% deposit, sometimes with no deposit, and sometimes (Northern Rock) actually giving the house buyer a 110% or 120% mortgage! Now that normaility has returned, deposits required to secure a mortgage...
Debt Management Plans are most certainly a viable solution for those people who can manage the size of the debt which they owe, but are just struggling with the amount of the monthly repayments.
They would find it easier if these repayments were lower and accept that it will take them longer to repay...
As the credit crunch bites and unemployment rises, house re-possessions are once again accelerating to levels last seen in the late 80's and early 90's. As such, IVA enquiries are increasing as people try and establish what their best course of action is.
HP, or Hire Purchase agreements are basically credit agreements enabling someone to borrow a sizeable amount of money to allow them to make a large purchase. Typically this would be used for the purchase of a car.
Most HP agreements are repayable by a fixed monthly amount over a 3 year period. The...