Thursday 8th of July 2010
Individual voluntary arrangement (IVA) answers could assist people living in certain areas of England where financial stability is typically low.
According to new figures from R3, the likelihood of becoming insolvent is close to 70 per cent higher in the north-east than London, with 5,923 personal insolvency cases being started in the region in 2008 alone.
Answers on IVAs may, therefore, offer support and information to people who live in the north-east - and the rest of the country - and are worried about the effects their unsecured debts are having on their living situation.
Commenting on the findings, R3 president Steven Law says: "With the announcement of public sector job cuts, it is likely that the figures will worsen, especially in areas such as the north-east where public sector employment is high."
Those of you who are faced with the prospect of becoming insolvent may find opting for an IVA presents a wiser option than bankruptcy, depending on your situation.
IVAs, unlike bankruptcy, ensure the equity on your family home is protected and don’t require details of your financial situation to be published in the local newspaper.
And this could offer you the peace of mind that you no longer have to worry about struggling to get by, no matter where you live.
By Ashley Littley
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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
- Woman who spent thousands on clothes could have been helped by an IVA
