Wednesday 15th of July 2009
Individual voluntary arrangement (IVA) help could become a more common occurrence after the latest unemployment statistics have been released.
The figures from the Office for National Statistics reveal that the number of unemployed people has increased, while the claimant count has also risen.
During the three months to May, the number of people in employment was 29 million, a decline of 269,000 when compared to the three months to February.
With a reduced household income, some individuals may find they need IVA advice so that they do not fall too far behind with their financial commitments such as store and credit cards.
"The number of unemployment people was 2.38 million in the three months to May 2009, up 197,000 from the three months to February 2009," the report noted.
Commenting on previous Insolvency Service findings that 2008 saw the highest number on record of IVAs in Wales, Jenny Willott, Welsh Liberal Democrat MP, said long-term unemployment was a real problem.
Written by Kimberley Parsons
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