- Friday, 5 June 2009Individuals who are considering setting up an IVA could be keen to hear that they are not alone in facing financial difficulties.
R3 - the Association of Business Recovery Professionals - has published bankruptcy and IVA statistics showing that 190,000 people were declared insolvent in 2008.
However, the figure rises substantially when Debt Management Plans (DMPs) - which do not count towards official government figures - are taken into account.
Once they are added to the bankruptcy and IVA statistics, DMPs take the total to 890,000 people.
This represents an increase of 17 per cent between August 2008 and February 2009 in the number of people on DMPs, R3 adds.
Meanwhile, figures from the Insolvency Service show that more people are also setting up an IVA than was the case a year ago.
At the end of 2008, Insolvency Service IVA statistics showed the number of IVAs being set up had increased by 12.2 per cent year-on-year and 5.9 per cent over the final quarter alone.
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