Debt Management News
Fewer People Choose IVAs to Manage Debt
27th February 2008
A new survey has shown that fewer people chose IVAs to manage their debt in the late months of last year.
The Insolvency Service gave out data that showed there were 9,188 IVAs required in the final quarter of 2007, down around 8 per cent on the previous quarter.
Over the whole of last year, 42,165 IVAs were accepted, showing a drop of almost 5 per cent on 2006's figure.
Between 1997 and 2006 there was a steady rise in the number of IVAs issued, but last year saw four successive quarters where demand for these debt management tools declined.
Recently, a new voluntary standard of conduct was arranged between the providers of IVAs.
British Bankers' Association chief executive, Angela Knight, commented: "People in debt and their creditors need to know that when an IVA is proposed, it is the most appropriate solution."
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