Home > News > IVAs

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 figures drop

12/09/2007

The number of individual insolvencies in England and Wales dropped in the second quarter of 2007, but still rose compared with the same period last year, according to Credit Action.

Between April and June this year, there were 26,956 individual insolvencies which include bankruptcies and individual voluntary arrangements (IVAs), a decrease of 8.1 per cent on the previous three months.

However, the figures show an increase of 4.2 per cent on the same three months of last year. Serious debt issues affect over eight million British people with 2.1 million people struggling with debt repayments.

A recent survey by consumer group Which? found that many of the British public do not know what IVAs are or that they should only be used as a last resort for debt problems.

An IVA is a formal agreement between the debtor and the creditor which allows the debtor to make reduced payments a percentage of the debt. After five years of paying this amount, the debt can be frozen or settled.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according