- Thursday, 3 September 2009Individual voluntary agreements (IVAs) are increasing in popularity, according to one expert.
The Insolvency Service Helpline (ISH), a UK-based debt charity, has suggested that the number of people choosing to enter into an IVA is on the up.
It was also revealed by Credit Action that there total lending in July of this year fell by £600 million, showing a net repayment.
Secured lending also saw a net repayment of £400 million and consumer credit lending fell by a net of £200 million.
A spokesperson for the ISH said that a contributing factor to the net repayment of UK debt was the successful work of financial advisors.
He commented: "It goes to show that banks are being accommodating by reducing interest rates for customers who are struggling, it also shows the success of debt advice agencies in negotiating payments."
According to Credit Action, the average non-mortgage household debt in the UK is £9,226.
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