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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

`More IVA help` for debt-riddled consumers

19/02/2008

Consumers who have such severe debt problems that they require an Individual Voluntary Arrangement (IVA) will be given more help in future after a meeting of industry experts.

A number of influential people within the IVA sector met to discuss the impact of the recent credit crunch on consumers - which economists say could lead to more people than ever before becoming bankrupt.

As a result, access to professional debt advice and the IVA procedure will be easier for consumers who have major debt problems throughout the industry.

Stuart Hopewell, chairman of the Institute of Credit Management, said: "I think most people in debt are in distress and need a solution. They need a helping hand."

According to Credit Action, over 111,000 people applied for an IVA or bankruptcy during 2007.

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