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Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy

IVAs `a real alternative` to bankruptcy

11/09/2008

There are a number of other options available to those facing bankruptcy that should be considered beforehand, according to one website.

An article on MSN Money by Frances Walker mentioned Individual Voluntary Arrangements (IVAs) as a "less onerous alternative", but warned that people considering this route must make sure they seek expert advice beforehand.

Ms Walker claimed that in 2007 more than 100,000 people started IVAs or declared bankruptcy in England and Wales alone.

She did not give any figures for Scotland and Northern Ireland, but explained that the processes involving IVAs in these regions are slightly different and as such people should make sure they obtain the right information first.

The Thrifty Scot quoted an official earlier today who predicted that there will be an increase in the number of personal insolvencies "in the short to medium-term", despite the latest statistics showing a two per cent decrease for the second quarter of 2008.

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