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IVA applications `likely to increase`

21/01/2008

More consumers are likely to apply for Individual Voluntary Arrangements (IVA) during 2008 as they "squeeze" their bank accounts as much as possible, an industry expert has claimed.

With the cost of credit increasing and becoming harder to get hold of, the general financial situation of many UK consumers is likely to get worse throughout the coming year, Credit Action stated.

Therefore, more people than ever before are likely to apply for IVAs and bankruptcies during the next 12 months, Chris Tapp, director of Credit Action, said.

Mr Tapp added: "I don`t think it would be at all surprising to see the number of [IVA] applications go up. I certainly think it`s likely that we`ll see an increase in the number of people who are seeking that sort of solution."

According to the Insolvency Service, there were 10,698 IVAs granted bin 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