Thursday 5th of August 2010
IVA FAQs might be beneficial to Britons who are self-employed but are struggling to get by because they’ve used their own personal finances to support their enterprise.
According to new figures from R3, a number of sectors have been severely affected by the global economic downturn.
The real estate, business activities and renting industry saw 12,050 insolvencies occur between the end of the second quarter of 2008 and the end of 2009.
In addition, there were 7,184 in construction, 6,077 in wholesale and retail and 4,664 in manufacturing.
IVA FAQs may, though, could help self-employed individuals who have dipped into their own cash to try and keep their company going.
The measure cuts unsecured debts over £12,000 with around 60 reduced-rate, monthly repayments, which could be ideal for those who have taken out personal loans to pump into their firm.
R3 president Steven Law adds more companies could be set to go bust in the future.
“It will take until the end of 2011 before we know if there is an ‘insolvency lag’ still to work its way through,” he says.
By Rachel Powell
- 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
- IVA answers might help couples take responsibility for their cash
