Tuesday 17th of August 2010
Information on individual voluntary arrangements (IVAs) may be beneficial for men struggling to keep on top of their finances.
Research by KPMG has indicated males in the UK are more likely to be facing the threat of insolvency, with those entering into bankruptcy typically owing 60 per cent more than women in the same position.
The firm's Chris Nutting suggested the figures pose "interesting questions" as to whether females are more financially prudent.
"Without being an expert in the differences in the behavioural patterns of men and women, it is difficult to pinpoint exactly why men are more likely to get into financial distress," he added.
Mr Nutting was commenting following the release of figures from both the Insolvency Service and the Ministry of Justice showing the number of bankruptcies is in decline.
He suggested a contributing factor is an increase in IVAs, an alternative that can allow those owing £15,000 or more to merge their repayments into a manageable monthly outlay.
While hard work and discipline is required, the unsecured debt can be erased after five years.
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