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Ivas offer `invaluable solution` but not the only one

30/10/2007

Each consumer with a different debt problem requires a different solution, ranging from an individual voluntary arrangement (Iva) to debt consolidation, a leading financial expert has claimed.

Earlier this year, financial experts stated that the uptake of Ivas would outstrip bankruptcies, but this has not been the case because a number of those in debt are not eligible for such a solution, Debt Advisers Direct said.

Instead, many consumers who are experiencing debt problems are looking at taking out loans for debt consolidation purposes or remortgaging their houses. However, for those whose only other solution is bankruptcy, an Iva can be a way out of debt.

A spokesman for Debt Advisers Direct said: "Many people simply aren`t eligible as Ivas are only available to those with significant debt who can`t afford to pay it in a reasonable period of time. Also, many people would be much better served by other debt solutions, such as remortgaging, debt consolidation or a debt management programme."

There were 26,956 insolvencies, either through Iva or bankruptcy, in the second quarter of 2007, according to Credit Action.

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