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Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` 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`

Bankruptcy and IVAs `have gotten easier`

23/07/2007

It has become simpler to both declare bankruptcy and take out an individual voluntary arrangement (IVA) in the UK, an expert has claimed.

Paul White, a consultant for Belgravia Insurance Consultants, said that declaring oneself bankrupt "has certainly got a lot easier and there`s less stigma attached".

Additionally, he commented that the increase in IVAs has resulted in a more streamlined process, which is often no longer carried out face-to-face.

"There is more of this remote advice going on, so cases like these are being treated more casually," he said.

Mr White claimed that these changing attitudes may mean that the UK is moving towards an approach to bankruptcy more similar to that of the US, where people "give you another try" after debt problems.

Bankruptcy laws changed in April 2004, making the process easier and the duration times shorter.

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