Tuesday 9th of March 2010
Individual voluntary arrangement (IVA) questions appear to be asked by more men than women, according to a new report.
Drawing on figures from the Insolvency Service, the Consumer Credit Counselling Service (CCCS) reveals that more men than women are likely to become insolvent.
The charity gave more IVA recommendations for men than women last year. Of those who it suggested IVAs to, 55.4 per cent were men.
It would appear that men are more likely to get answers on IVAs than women because as a single person, they carry a bigger debt burden.
Men who have relied on credit cards and personal loans to fund their single lifestyles can find an IVA merges these debts together, making the monthly repayment more manageable.
IVAs can also enable people to clear their unsecured debts after around five years, which could be in time for single men to settle down.
Commenting on the findings, CCCS spokeswoman Frances Walker says: "This may be the one equality which women may not want to aspire to."
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
- IVAs could prevent the bankruptcy fate of losing a home
