- Wednesday, 6 May 2009When it comes to setting up an IVA, homeowners are among the most likely to require assistance, according to new figures.
IVA statistics from TDX Group, a provider of debt-related services to the financial sector, show that the majority of people setting up an IVA at present are homeowners.
The group suggests a combination of reasons for why this could be the case.
First is the tightened lending criteria which gave the credit crunch its name - meaning less access to mortgages.
Second, for homeowners who are forced to sell, a depressed property market means less access to funds.
Director of financial services Stuart Bungay says: "The numbers of homeowners resorting to IVAs continues to rise, now representing around 51 per cent of all IVAs."
He points out that this compares with the start of 2008, when the figure stood at 34 per cent or around one in three.
TDX Group reported mixed debt conditions in the first quarter of 2009.
While delinquency rates - including repossessions and bankruptcies - increased by ten per cent, the overall growth in debt collection stood at just one per cent since January.
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