- Thursday, 18 March 2010Individual voluntary arrangements (
IVAs),
debt management plans and
bankruptcy are all options being explored increasingly often by people from all walks of life, figures released by RSM Tenon have revealed.
The accountancy firm predicted that 2010 could well be a record year for insolvencies.
Speaking to the Independent, Charles Turner, head of personal insolvency at the accountant Vantis, said that
bankruptcy was affecting people from across the social spectrum. He expects the problems to persist into 2011.
A director at RSM Tenon Recovery in London said: "Nationally, personal insolvencies have reached record levels and are expected to continue to rise. In London that could mean that we see a total of 15,361 personal insolvencies over the whole of 2010."
IVAs are becoming an increasingly widely used and attractive option to those in debt.
From the end of 2008 to the end of 2009, uptake of
IVAs rose 23 per cent to 13,219. Debt Relief Orders (DROs) rose to 5,348.
Last year a total of 134,000 people went bankrupt; 150,000 are expected to do the same this year.
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