"Greater consumer awareness" boosts take up of IVAs
The rise in the number of individual voluntary arrangements (IVAs) being taken out can be attributed to an increase in public awareness, one expert has suggested.
Stephen Rose, director of the Debt Advice Bureau, said that although the number of IVAs being agreed was rising, this was not necessarily due to the range of advertisements on TV or because there are more debt problems in the UK.
Instead, Mr Rose stated that there was a "confluence of reasons" behind this underlying trend.
"IVAs have grown in number disproportionately to bankruptcies, because [of] greater consumer awareness," he remarked.
According to the latest government figures, 10,698 IVAs were agreed during the second quarter of the year, while there were also 16,258 bankruptcies during this period.
According to Wayne Harrison, spokesperson for the Insolvency Practitioners Association, IVAs can help people get their lives "back on track".
Source: thelondonstockexchange.co.uk
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
