Tuesday 28th of September 2010
Asking IVA questions could be a priority for those living on Torbay on the south-west coast, as the area has been identified as a hotspot for personal insolvencies in England.
Research from R3 showed 470 new cases occurred in 2009, while Mansfield in Derbyshire is second on the list with 442.
Weston-Super-Mare, north Tyneside and Kingston Upon Hull east were also identified as areas where individuals are having trouble with their debts.
"Our research …shows that 42 per cent of the British population are currently finding it a struggle financially to get through the month," remarked Steven Law, president of R3, adding cases of personal insolvency are likely to rise in the coming years.
An IVA may be ideal for those who are finding it difficult to meet their monthly repayments, as it can enable people to make reduced payments towards their debt over a period of 60 months.
The findings come after R3 research also showed those living in London are the most worried about how much they owe, with nearly half of the capital's residents concerned about debts.
By Ashley Little
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