- Monday, 15 June 2009The
IVA process can be a better option than alternatives such as Debt Management Plans (DMPs), it has been claimed.
James Martin, regional chair for the Midlands of R3, the Association of Business Recovery Professionals, tells the Birmingham Post that
IVA solutions have in some cases not been recommended despite being more suitable than DMPs.
"I hear of people being strong-armed into DMPs when an IVA or bankruptcy would have been the most appropriate solution," he says.
Mr Martin adds that DMPs also disguise the true extent of the nation's debt management difficulties, as they are "unofficial" agreements which do not contribute towards UK insolvency statistics.
However, both the
IVA process and bankruptcy proceedings do appear on official statistics.
Mr Martin's comments follow the publication of statistics by R3 which combine the official figures of bankruptcy and
IVA solutions with the number of people believed to be on DMPs.
The organisation estimates that, in those terms, around a million people in the UK are currently insolvent.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960