Homeowners are increasingly turning to debt management companies to help them repay their loans as lenders cut off access to refinancing and mortgages.


Industry figures suggest the individual voluntary arrangement (IVA) market is experiencing a boom as growing numbers of homeowners struggle with overwhelming debts.


IVAs allow debt-ridden consumers to avoid bankruptcy by agreeing to a repayment plan, usually at a lower monthly rate.
The new figures from TDX, which processes IVA applications for banks and other creditors, show a 32 per cent spike in those entering into IVA agreements between January and May with about