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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 help with "debt elimination"

15/10/2007

An individual voluntary arrangement (IVA) can be used as a "feasible" debt elimination method by those experiencing debt problems, a financial expert has claimed.

The IVA scheme, where debtors agree with creditors a structured payment plan over a five-year term, can be deemed a "preferable alternative" to bankruptcy, financial consultant Johan Jeuring said.

During the IVA process, the deal enables those with debt problems to make monthly payments, or in some cases a lump sum, to pay off debts, without the local press being able to report of the financial troubles, Editors Choice reports.

Mr Jeuring added: "If you are contemplating entering into an IVA programme, then it is better if you actually speak to an insolvency practitioner involved in your case. An insolvency practitioner is usually either a chartered accountant or a solicitor who must separately quality as an insolvency practitioner after firstly qualifying in accountancy or law."

According to Credit Action, there were 26,956 individual insolvencies - either through bankruptcy or IVA - during the second quarter of 2007.

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