- Friday, 5 June 2009Credit Action has told of how rising house prices and an over-reliance on credit led to bankruptcy and
IVA solutions being set up 331 times per day.
This is the number of people who declare bankruptcy or enter into the
IVA process on a daily basis, the organisation says.
And it places some of the blame on the government for failing to maintain a financial sector where access to borrowing was consistent.
Credit Action says: "All of these factors have contributed to the increased levels of personal debt and ultimately the financial crisis."
However, it is not only the government which is blamed for the rise in people setting up
IVA solutions or being declared bankrupt.
Lenders are also targeted for allowing individuals to borrow with no consideration to the amount of money they could realistically afford to pay back.
Homeowners who are keen to retain their property could find the
IVA process to be the solution to their monetary worries, as it typically allows equity release to take the place of a forced sale.
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
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