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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 surge `forces experts to act`

28/01/2008

A surge in the amount of consumers with debt problems applying for Individual Voluntary Arrangements (IVAs) has left the insolvency industry with a lack of employees trained to handle such applications.

According to Accountancy Age, the time required for insolvency practitioners to gain experience of the IVA process has been slashed from 2,000 hours of experience to 400 by the Insolvency Practitioners Association (IPA).

Close examination of the workers will still be maintained in a bid to keep standards in the IVA industry high, the IPA stated.

IPA director general Peter Joyce said: "I certainly expect that IVAs will be properly administered by our authorisation holders. It`s a welcome development that these companies want their staff to go through formal study and independent examination."

Figures from the Insolvency Service show that over 111,000 people applied for bankruptcy or an IVA during 2007.

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