Wednesday 4th of August 2010
The number of people being declared insolvent or bankrupt is on the up in Britain, new figures from Credit Action suggest.
Information on individual voluntary arrangements (IVAs) may, however, offer peace of mind to those of you who are looking for an alternative option to bankruptcy.
According to the latest Credit Action statistics, 391 UK adults go bust every 24 hours, which corresponds to one person every 51 seconds of a working day.
In addition, the data shows some 9,562 debt problems are currently dealt with every day by Citizens Advice Bureaux in England and Wales.
An IVA could, though, help people turn their back on their financial troubles and make a new start for themselves.
Given bankruptcy requires details of your money problems to be published in the local newspaper and could result in the repossession of your family home, IVA information could show you there is a more favourable way of getting out of the red.
This method of insolvency cuts your unsecured debts over a period of around five years and might have you completely debt-free and ready and able to take full control over your bank balance.
By Neil Burton
- 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
- Need for IVA advice could rise as nearly 1m go into negative equity
