Thursday, Aug 26, 2010
The way of the Great Recovereh!
Insolvency News: 140 debtors apply for IVAs every day
Official figures show that 140 people applied for an individual voluntary arrangement (IVA) every day during the second quarter of 2010, as struggling borrowers took action over their debts.
Statistics from the Insolvency Service show that the number of IVAs agreed in the second quarter was up around 10 per cent on the same period in 2009, and a slight increase from the previous quarter.
Steven Law, president of insolvency trade body R3, said: "Unfortunately, the personal insolvency figures are just the tip of the debt iceberg. The true size of the UK’s debt problem remains hidden as insolvency industry estimates there are an additional 500,000 people currently in informal debt management plans and close to a million people are struggling with their debts and have not yet sought help."
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