Sunday 26th of December 2010
An increasing number of people in the UK may soon be thinking about asking individual voluntary arrangement (IVA) questions as it has been revealed a record portion of Brits are sliding into debt.
The Daily Mail reports that 140,000 UK adults are expected to be declared insolvent before 2010 is through - with this figure set to keep on rising until 2012.
According to the newspaper, more than 104,000 people in England and Wales took out an IVA or a debt relief order during the first nine months of the year.
The publication noted this is only slightly below the total that was recorded for the whole of 2008 - when the recession started to bite.
A further 140,000 individuals are predicted to be declared insolvent across 2011, the news provider added.
The figures come after founder of Moneymagpie.com Jasmine Birtles claimed getting people to openly discuss their financial problems - which could include seeking IVA answers - is a healthy process.
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
- Do you stick your head in the sand when it comes to credit card rates?
