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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 `at forefront of debt problems`

05/03/2008

More than 100,000 British consumers applied for an Individual Voluntary Arrangement (IVA) or bankruptcy during 2007, new figures have revealed.

As debt problems mount for an increasing number of Brits, 106,645 people applied for an IVA or bankruptcy last year, statistics from Credit Action show.

The research found that 33 per cent of adults with debts are concerned or very concerned about their ability to keep on top of their borrowing, while consumers throughout the UK borrow an additional £310 million every single day.

As a result of the increasing financial problems, 74 properties a day were repossessed across the UK during 2007 - a figure which is likely to rise during 2008 as a result of the recent credit crunch and fluctuating property market.

Credit Action is a financial education charity.

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