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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

Banks under fire over IVAs

21/08/2007

The attitude of banks to the individual voluntary arrangement (IVA) process has been attacked by leading industry figures after falling numbers of IVAs were recorded in the second quarter of 2007, according to reports.

According to R3 vice president Nick O`Reilly, banks are advising debtors not to take out IVAs and are being denied the means to consolidate their debt problems.

He told Accountancy Age: "The people who will suffer as a result are the debtors who, in many cases, will be denied the most suitable technique for managing their debt which could help them work their way out of debt."

Take-up of IVAs fell in the three months to June by more than 15 per cent while bankruptcies decreased by 2.9 per cent, figures released by the Insolvency Service earlier this month show.

The IVA consists of a formal agreement between the debtor and creditors to make reduced payments over a longer period of time.

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