More Britons turning to IVAs as debt crisis worsens
More Britons turning to IVAs as debt crisis worsens
Thursday 26th June 2008
Data from TDX Group shows that the number of households opting for Individual Voluntary Arrangements (IVAs) rose to 2,517 between January and May.
This represents an increase of 32.3 per cent over the same period last year.
Mark Onyett, TDX's chief executive, said: "The rising cost of living is fuelling strong growth in the IVA market. We anticipate that the number of new IVAs opened in England and Wales will continue to increase in 2008.
"However, the rising cost of living is not the only reason for this growth. More expensive mortgages help explain why more homeowners are taking out IVAs."
News of the increase comes after official figures from the Insolvency service showed that 9,614 people took out IVAs during the first three months of 2008 – up by 4.3 per cent from the last quarter of 2007.
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