- Monday, 15 March 2010An
IVA may be needed by those who are finding that their Christmas spending is now catching up with them.
New figures released by insolvency trade body R3 indicate that almost a third (31 per cent) of personal insolvencies that occur in March have been triggered by stretching the budgets too far during the festive season.
People who were struggling at the end of last year also allowed their "spending to spiral" during the festive season, said R3 president Peter Sargent.
"These people will now be suffering from the 'Christmas crunch', having seen their debts snowball since the large credit card bills began to hit their mats in January," he said.
Many people compound the problem by waiting up to six months before seeking debt help due to the stigma surrounding insolvency, added Mr Sargent.
There will be over 150,000 personal insolvencies in the UK during 2010, R3 predicts.
According to the Consumer Credit Counselling Service (CCCS), there are higher rates of
bankruptcy and
IVA recommendations for men than women.
The charity recently reported that 55.4 per cent of its
IVA recommendations last year were for men, along with 51.4 per cent of its
bankruptcy recommendations.
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