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Lenders `should allow debtors to take out IVAs`

14/08/2007

Banks and other lenders should be more understanding regarding their customers` proposed debt solutions, the Debt Resolution Forum (DRF) has concluded.

Chris Holmes, DRF chairman, said that some creditors have been blocking consumers from obtaining individual voluntary arrangements (IVAs).

IVAs, which allow those with high levels of debt to reduce their repayments through an agreement with lenders, fell by 15 per cent between April and June, the DRF said.

Mr Holmes warned that overly strict attitudes towards IVAs could lead to an increase in bankruptcies and a worsening of the debt crisis.

"Unless an effective new deal is reached, an explosion in bankruptcies is likely," he remarked.

He added that the increasing cost of living and a string of interest rate rises have not aided British debtors in paying off what they owe.

A total of 10,698 individuals chose to take out an IVA as a debt management solution during the second quarter of 2007, according to the Insolvency Service.

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