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

New IVA system `to save consumers £57m`

12/02/2008

A new system of Individual Voluntary Arrangements (IVAs) could help consumers reduce their debts by £57 million in 2008, an expert has suggested.

The streamlining of the IVA system is designed to offer more professional debt advice to consumers who are having debt problems.

Practitioners will, as a result of the new protocols, charge consumers less to take out an IVA which, over the coming year, could save consumers £57 million, according to credit management specialists TDX Group.

Mark Sanders, UK managing director at TDX Group, said: "IVAs are an effective solution for indebtedness and it is important that the insolvency industry continues to work together to make sure IVAs work for consumers and lenders alike."

According to Credit Action, over 111,000 people applied for IVAs or bankruptcy last year.

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