Tuesday 27th of July 2010
Individual voluntary arrangement (IVA) questions might help people realise there is an alternative to bankruptcy, which is reportedly increasing among young British females.
According to figures from the Insolvency Service, the number of UK women who have become bankrupt has risen by 28 per cent in the past 12 months.
And those aged between 25 and 44 in particular appear to be struggling with money troubles, with two-thirds of female bankruptcies consisting of people in this age group.
Questions on IVAs may, however, assist cash-strapped Britons in finding information about how to erase their unsecured debts.
An IVA whittles down cash owed on credit cards and personal loans worth more than £15,000 and may be a more suitable alternative to bankruptcy as details of your financial problems are not required to be reported in the local paper.
In addition, IVAs protect the equity on your home - unlike bankruptcy, which could lead to you having to sell your property as an asset.
"These figures show that more and more young women have levels of debt incurred through trying to maintain lifestyles that are unsustainable," says Graham Horne, deputy chief executive of the Insolvency Service.
By Mark Waterman
- 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
- Could now be the time for self-employed Brits to seek IVA answers?
