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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

IVAs `essential for debt solutions`

18/03/2008

Individual Voluntary Arrangements (IVAs) are an essential part of the solutions to debt problems, a leading expert has claimed.

The `buy now, pay later` culture which has developed in the UK in the past 20 years - encouraged by a combination of low interest rates, easily available credit, coupled with the drive by retailers to maintain sales levels - has turned many into credit junkies, a report by Mortgage Solutions has stated.

As a result, the availability of IVAs is key as many consumers fight with their debt problems, Andy Moody said.

Mr Moody added: "New voluntary standards have been agreed in relation to IVAs, which will streamline a process that had become inflexible, making it easier to understand both for advisers and their clients."

During 2007, 106,645 people applied for an IVA or bankruptcy in the UK, figures from the Insolvency Service show.

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