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Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy IVAs are `helpful but should not be taken lightly` IVAs `good to get out of tricky situations` People should "think very carefully" before entering an IVA IVA `saved businessman`s house` Govt unveils new IVA code

IVAs `can be a lifeline`

14/06/2007

Individual voluntary arrangements (IVAs) can be "an absolute lifeline" if used properly, an expert has claimed.

IVAs offer people a chance to start their financial life over again after five years, according to Andy David, spokesperson and site manager for IVA.co.uk.

He recommends that people who are seeking to avoid bankruptcy through an IVA do as much research as possible.

Mr David commented that those who have debt problems can find themselves in a lonely situation and that seeking advice can help.

"In debt you can sit alone; A lot of people don`t even talk to their family about their debt problems," he remarked.

There were 30,075 individual insolvencies during the first quarter of 2007 in England and Wales, according to official figures from the Insolvency Service.

The same data reveals that 13,233 of those were IVAs, which was a 4.7 per cent increase on the previous quarter and a 47.6 per cent rise on the same quarter the year before.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according