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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 `good to get out of tricky situations`

25/04/2008

Entering into an Individual Voluntary Arrangement (IVA) is often a good way to get out of a tricky financial situation, according to an industry expert.

When consumers have debt problems and associated bad credit issues, it can be hard to get out of the situation without consulting professional debt advice, Johns Tiel stated.

Writing for Best Syndication, the financial expert said that bad credit debt consolidation loans may be on offer for those who are struggling to keep up with the repayment of bills.

He added: "There is no definite logic on how and where bad credit can crop up. The only thing that matters is that it adversely affects the financial standing throwing the individual in to an indefinite financial crisis."

According to figures from the Insolvency Service, 106,645 people applied for bankruptcy or an IVA 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