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Amount of new IVAs lodged settles this quarter

Posted May 29th, 2007

Despite the constant growth in insolvency, there may be some light at the end of the tunnel. While the latest report from the Insolvency Service shows that the amount of IVAs lodged is now at an all time high, there may be some good news.

After consistent increases in the amount of IVAs processed each quarter, the new figures indicate the rate is actually dropping. The Insolvency Service reports the growth over the last quarter as a relatively low 7%.

The slowing rate is also thought be reflective of the toughening stance on IVAs by creditors.


IVA mis-selling causes problems for thousands

A leading Insolvency Practitioner has stated today that thousands of people across England and Wales that have been ’mis-sold’ an Individual Voluntary Arrangement (IVA) should have gone bankrupt instead.

Philip Long, an insolvency practitioner with PKF Accountants & business advisers, blames debt counsellors who profit from arranging IVAs for persuading people to enter into a debt solution that is inappropriate for their debt. It is important to get impartial advice when deciding what debt solution you will undergo to avoid further financial difficulties.


Concern over incorrect IVA Advice Continues

As the amount of Individual Voluntary Arrangements (IVAs) rises again this month and the speculation over misleading IVA advertisement continues, one of the UK’s main credit reference agencies, Experian, has concerns many people in an IVA don’t know what they are getting themselves into.

The advice from Experian echoes much of the warnings we have heard lately throughout the financial industry about debt: make sure you are getting the right debt advice and enter into the right debt solution.