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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`

Northern Ireland sees significant IVA rise

18/05/2010

The number of IVAs entered by residents of Northern Ireland significantly increased in the first quarter (Q1) of 2010, according to figures from the Insolvency Service.

There were 238 IVAs in the first three months of the year, compared with 192 in the previous quarter. The total was also 65.3% higher than the 144 IVAs issued in the first quarter of 2009.

Meanwhile, bankruptcies fell to 316 in Q1 2010, from 382 in the last quarter of 2009.

An expert at Debt Advisers Direct said: "The statistics show that debt is still very much a problem for people in Northern Ireland. They also reflect the fact that it can take a while for economic problems to `filter through` to insolvencies.

"This suggests we are likely to continue seeing high levels of insolvency in the coming months, and as such it`s more important than ever that people seek debt help at the first sign of problems."

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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).

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