In May, it was reported that 2007 could go down as the worst ever year for Britain’s ‘debt crisis’.  A record, 30,075 people went bankrupt or signed Individual Voluntary Arrangements (IVA) between January and March in as they found themselves unable to repay mortgages and loans.
It reaffirmed predictions that 2007 will surpass last year’s record […]

If you have been taking on unnecessary debt with the intention of repaying them, and you never manage to completely pay it off, you will quickly find yourself in unmanageable debt.  If you are struggling with your debts and you are unable to take control on your own, then you should seek the help from […]

The individual voluntary arrangements (IVAs) are falling recently, according to PricewaterhouseCoopers (PwC).  The firm has seen a steady decrease in the last four months.
Pat Boyden, insolvency specialist at PwC, said: “Our indications are that month on month IVA numbers have been falling gradually.”  Mr Boyden believes that the reason for fewer IVAs is attributed to […]

Asset management firm Hargreaves Lansdown has recently published statements claiming that Individual voluntary arrangements (IVAs) and credit cards promoting an irresponsible approach to personal finance.
Investment manager Ben Yearsley stated that some advertising is misleading.  This type of advertising does not fully document the long term implications of IVAs and credit card debt.
His comments follow research […]

Dark reports are hitting the media proclaiming that 2007 may be the worst year for insolvencies since 1960.  The problem is a direct result of an unregulated lending industry, advertising that promises debtors that they can write of 90 per cent of their debt, irresponsible borrowing, and rising interest rates and utility costs.
Mike Gerrard, head […]

Equifax reveals that responsible citizens believe they are subsidising the thousands of consumers who go bankrupt, according to a new survey.  This follows reports suggesting that 30,000 personal insolvencies are expected in the first quarter of 2007, of which 10,000 will be a direct result of Christmas spending.
Equifax, the Consumer Credit Information giant, reveals a […]

Credit Advice, the consumer advocate, reveals some startling statistics that result in financially healthy households finding themselves in risk of losing their homes.
The advocate group encourages people to make sure they are receive all the benefits they are entitled to.  In October, Government figures for 2004-05 reveal that between £4.8bn and £8bn in benefits went […]

Homeowners are vulnerable to debt managers. They are more willing to try a scheme that promises to solve their problems instead of going bankrupt and loosing their home.  In most financial scams, the poorest in the country are most vulnerable.  This newest trend victimises working professionals who fall on hard times.
Statistics show that homeowners believe […]

An Individual Voluntary Arrangement or IVA is a process that has been introduced to help people who cannot manage their debt. If your debts have taken over your life and you find that you simply cannot make the payments required each month, then it may be time for you to consider an IVA. Before you […]

An IVA, or Individual Voluntary Arrangement, is a mechanism that has been allowed since 1986, by which individuals can clear their debts without having to go through the process of bankruptcy. How they work is the apparently insolvent person will write to all of his or her creditors, and if a certain proportion of them […]