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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

IVA applications rise as debt problems grow

05/02/2008

The number of UK consumers taking out an Individual Voluntary Arrangement (IVA) or applying for bankruptcy increased by 13 per cent during 2007, new figures revealed.

Statistics from Credit Action show that over 111,000 people in the UK applied to the Insolvency Service for help with severe debt problems in the last 12 months.

A total of 15 per cent of British adults had unsecured personal debt of more than £10,000 at the end of December, while the average household in the UK owed £8,985 excluding mortgage repayments.

The study found that the total UK personal debt increased by £1 million every five minutes in the run up to Christmas, while the average adult owed £4,713 on credit cards and overdrafts.

Credit Action is a financial education charity.


© Adfero Ltd

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