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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Simplified IVA plans withdrawn

20/11/2008

The Insolvency Service has withdrawn plans for the ‘SIVA’ (Simplified Individual Voluntary Arrangement).

According to the Insolvency Service, the successful operation of the IVA Protocol ‘has resulted in many of the desired improvements in the IVA marketplace being implemented without the need for further legislation’.

Now that people in the industry have worked hard to streamline the process for approving IVAs, far fewer modifications are being proposed – so there’s no need for ‘legislative change in this area’.

Nonetheless, there are differences between ‘normal’ IVAs and SIVAs (as they would have existed). For example, the SIVA would have made it easier to secure creditors’ approval: a simple majority of voting creditors (by debt value) would have had to approve a proposal for the SIVA to go ahead; ‘normal’ IVAs require 75%.

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according