IVA numbers rise for debt help
09/08/2010More people are turning to an IVA as a debt solution, as numbers for the second quarter of 2010 are up more than 14 per cent (14.1 per cent) on the first three months of the year.
This means that more than 13,000 (13,466) took out an IVA between April and June – the highest number of people since that particular form of debt management was created.
The number is also up more than 10 per cent (10.2 per cent) on the second quarter of last year. The year-on-year results for all forms of personal insolvency have also risen – five per cent in this case.
The Insolvency Service’s figures also suggest that people prefer an IVA or a Debt Relief Order to bankruptcy, as the number for that traditional form of debt management is down 19 per cent compared to the previous quarter and more than 20 per cent (20.6 per cent) on the previous year.
Director Kevin Still says: "At Atlantic Financial Management, we feel the rise in IVAs is because of a rise in debt problems for 'Middle England'. Clients typically have higher levels of unsecured debt, with over £50,000 not uncommon."
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