Friday 4th of September 2009
The Citizens Advice Bureau (CAB) celebrates its 70th anniversary today (September 4th) and reveals that over a year, debt enquiries have shot up by 27 per cent, some of which may have resulted in receiving individual voluntary arrangement (IVA) advice.
Information sought about Jobseekers Allowance has risen by 99 per cent, while advice about being made redundant has shot up by 74 per cent.
A lack of affordable housing and plenty of credit resulted in Britons getting themselves into more red than they could deal with, the organisation claims, which could highlight how IVA help may be increasingly sought by households.
The CAB notes that the demand for specialist money guidance - which may include IVA advice - has risen as people now have increasingly complex debt problems.
"From rationing to recession, the CAB has been there for people in times of crisis throughout all the past 70 years," says David Harker, the chief executive of the CAB.
Debt enquiries could continue to rise over the coming months, after the recently released Credit Action report showed that the average debt of households in the UK, including personal loans but not mortgages, stands at £21,457.
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
- Men - don't bury your heads in the sand on IVAs
