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Popularity of Ivas `rockets`

01/11/2007

The number of people applying for an individual voluntary arrangement (Iva) due to debt problems soared by 117 per cent in 2006, new statistics show.

Creditors and those in the financial industry are experiencing a "huge volume of paper work" due to the amount of people taking up the alternative to bankruptcy, professional services firm KPMG claimed.

An industry conference was told that, despite being overwhelmed, the financial sector needed to confirm to customers that an Iva is the most appropriate course of action for an individual struggling with debt.

The number of applications is taking its toll in terms of the cost of paper and packaging, with the same proposal sometimes "sent out as many as six times to creditors who may have customers with multiple accounts", according to KPMG`s head of personal insolvency Steve Traherne.

An Iva is an agreement between the debtor and their creditors in which reduced payments will be made over five years, after which time the remainder of the debt will be written off.

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