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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

`More IVA help` for debt-riddled consumers

19/02/2008

Consumers who have such severe debt problems that they require an Individual Voluntary Arrangement (IVA) will be given more help in future after a meeting of industry experts.

A number of influential people within the IVA sector met to discuss the impact of the recent credit crunch on consumers - which economists say could lead to more people than ever before becoming bankrupt.

As a result, access to professional debt advice and the IVA procedure will be easier for consumers who have major debt problems throughout the industry.

Stuart Hopewell, chairman of the Institute of Credit Management, said: "I think most people in debt are in distress and need a solution. They need a helping hand."

According to Credit Action, over 111,000 people applied for an IVA or bankruptcy during 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