Wednesday 10th of March 2010
Over half of people who one charity recommended bankruptcy to last year were male, a new report shows.
The Consumer Credit Counselling Service (CCCS) says that out of all the people who it thought could benefit from bankruptcy, males came out on top.
But it also suggested individual voluntary arrangements (IVAs) to more men than women, which could show how the consequences of undertaking an IVA are less severe than going bankrupt.
Unlike bankruptcy, an IVA does not necessarily mean a property and other important assets get repossessed, as long as repayments are kept up with.
Furthermore, an IVA should not bar people from certain careers, such as accountancy.
"Whatever sex you are, I would urge anyone worried about their debt to seek help as soon as possible," advises CCCS spokeswoman Frances Walker.
Such help may include getting some IVA answers, which could assist those males with debts of more than £15,000 to avoid bankruptcy.
According to the CCCS, single men owe an average £19,830 in debt. IVAs can help those who owe more than £15,000 across a number of lenders, which could make this type of repayment plan ideal for many men.
By Hayley Jones
- 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 could be cheapest and quickest way of clearing credit card debt
