Thursday 30th of September 2010
Growing numbers of people in Britain could be in need of individual voluntary arrangement (IVA) answers after new figures suggested a large proportion of the population have serious money troubles.
According to the latest Credit Action statistics, 381 people every day of the year will be declared either insolvent or bankrupt - the equivalent of one person every 52 seconds of the working day.
The extent of the country's financial troubles is highlighted by another figure - the fact that total UK personal debt at the end of August stood at £1,482 billion, which is more than what the whole nation produces in a year.
Furthermore, the data shows the average amount of money owed is £8,590, rising to £17,896 if the number of households that have an unsecured loan is taken into account.
If you're finding it difficult to keep your head above water as a result of debt repayments swallowing a large proportion of your income, answers on IVAs could show you there's a way out of your financial worries.
The measure whittles away money owed - if it's worth more than £15,000 - on unsecured financial products with around 60 reduced-rate monthly repayments.
And you could find the method of insolvency offers you a fresh start, while demonstrating the dangers of straying too far into the red.
By Ashley Littley
- House price rise 'may not indicate recovery'
- 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
- Britons may find an IVA answers interest problems
