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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

Insolvency `should be an informed decision`

20/03/2007

Insolvency and individual voluntary arrangements (IVAs) can be a solution for some people who are looking to get out of debt, a spokesperson at a financial information provider said today.

However, people should be sure to inform themselves about all of the facts when choosing such a path, according to Experian consumer affairs manager James Jones.

He indicated that an increasing number of consumers have been choosing insolvency.

The Insolvency Service reports that there were almost 30,000 individual insolvencies in England and Wales in the last three months of 2006.

This is a rise of 7.1 per cent from the previous quarter to total 107,288 for all of last year.

Mr Jones added: "Bankruptcy and IVAs shouldn`t be seen as an easy way out of debt, because there are obviously serious implications. But, of course, that is the right solution for some people."

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