Thursday 5th of November 2009
The number of British consumers taking advantage of individual voluntary arrangement (IVA) help in order to restore their ailing financial footing is keeping the courts busy, reports AccountancyAge.
Writing for the publication, Neil Smyth predicts that Insolvency Service statistics will show more than 16,000 people were seen in court in the last quarter after seeking to declare personal insolvency.
This combines with those looking for IVA help and those whose creditors petitioned for them to be declared insolvent to create "a very heavy court workload".
However, it seems the vast majority of those in debt are becoming proactive about addressing their situation, as 86 per cent of insolvency petitions are now made by the individual.
The next official release of statistics from the Insolvency Service is scheduled for the morning of Friday, November 6th.
In the previous quarterly bulletin, the organisation reported a 27.4 per cent year-on-year increase in the number of people seeking IVA help, with 12,225 individual cases seen in the second quarter of 2009.
Written by Mark Waterman
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- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Return of lending 'will take time'
