Saturday 9th of January 2010
North-west residents could increasingly turn to individual voluntary arrangements (IVA) after one firm predicts 2010 will be a year of organising finances.
According to RSM Tenon, the number of IVAs undertaken by people in the region increased by 16 per cent in 2009, while personal bankruptcies rose by 12 per cent.
For people who are worried about keeping hold of their home because of their inability to repay their unsecured debt, they may find an IVA answers their concerns better than bankruptcy.
As long as the new, lower monthly debt repayments are met under an IVA, there should be no reason why individuals cannot stay in their home. But this cannot be guaranteed with bankruptcy.
In the north-west last year, an average of 41 people every day became insolvent, the accountancy firm said.
The latest Credit Action report reveals that today (January 8th), one person every 3.72 minutes will be declared bankrupt.
By Ashley Littley
- 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 help turned to by secretary with £22k debt
