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IVAs can get debtors "back on track"

19/09/2007

Taking out an individual voluntary arrangement (IVA) gives the consumer a chance to "start afresh", a financial expert has claimed.

As levels of personal debt increase to record figures, more and more consumers are looking at taking out an IVA or insolvency plan to sort out their debt problems.

Wayne Harrison, a spokesman for the Insolvency Practitioners Association, said that while in the past bankruptcy was seen as a "last resort", the increase in popularity of the IVA means that there are ways in which financial institutions can "facilitate people" out of debt problems.

Mr Harrison added: "An IVA is essentially an alternative to bankruptcy. Hopefully it`s a formal statutory resolution that evokes creditors to get back a reasonable return on money they have lent to debtors and also [gives] debtors the equal opportunity to get their life back on track and start afresh."

According to statistics from the Insolvency Service, there were 26,956 individual insolvencies in England and Wales in the second quarter of 2007.

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