- Friday, 23 April 2010IVAs could help consumers facing unexpected unemployment pay off their debts responsibly, especially as a new report reveals the highest unemployment figures since 1994.
The Office for National Statistics report showed an increase to 2.5 million in the number of people unemployed from December 2009 to February 2010. As more borrowers face the risk of becoming unemployed, debts can become a mounting problem.
An
IVA can help anyone who has unsecured debts of more than £15,000 and enables a person to pay off the money they owe without facing
bankruptcy.
Yvette Cooper, work and pensions secretary, said: "Many people are still having a hard time as a result of the recession. February was a tough month and overall unemployment rose… The figures make clear we're not out of the woods yet."
Another area that showed an increase was in the number of employees and self-employed staff who had to work part-time hours, not always through choice, something that could make it harder to pay off debts.
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