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Insolvency figures `to rise in 2008`

27/11/2007

The number of people in the UK filing for bankruptcy could increase to record levels next year, according to a new study.

Research from PricewaterhouseCoopers (PwC) has found that credit card debt will continue to grow through 2008 and consumers struggle with higher mortgage repayments.

As a result, the number of people applying for an Individual Voluntary Arrangement (IVA) or bankruptcy is likely to rise.

The number of IVAs being accepted has dropped during 2007 but, according to PwC, this is down to a backlog of applications which will clear next year, forcing insolvency figures up higher.

PwC told the BBC: "While the trend in IVAs has declined in recent quarters, this is partly due to a hold-up in the processing of IVAs due to ongoing fee discussions between banks and insolvency providers, as well as fairly flat levels of unsecured debt in the past two years."

An IVA is an agreement between the debtor and their creditors in which a portion of the debt is agreed to be paid off over a five-year period. After that time is over, the debt is classed as settled.

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