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

IVA applications `likely to increase`

21/01/2008

More consumers are likely to apply for Individual Voluntary Arrangements (IVA) during 2008 as they "squeeze" their bank accounts as much as possible, an industry expert has claimed.

With the cost of credit increasing and becoming harder to get hold of, the general financial situation of many UK consumers is likely to get worse throughout the coming year, Credit Action stated.

Therefore, more people than ever before are likely to apply for IVAs and bankruptcies during the next 12 months, Chris Tapp, director of Credit Action, said.

Mr Tapp added: "I don`t think it would be at all surprising to see the number of [IVA] applications go up. I certainly think it`s likely that we`ll see an increase in the number of people who are seeking that sort of solution."

According to the Insolvency Service, there were 10,698 IVAs granted bin the second quarter of 2007.

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