- Wednesday, 12 May 2010IVAs should be considered by consumers struggling to manage their debts before actions of "last resort" such as
bankruptcy and debt relief orders, an expert has claimed.
Pat Boyden, partner and personal insolvency expert at PricewaterhouseCoopers, explained that
IVAs provide those with money difficulties a more structured way to improve their finances and return funds to creditors.
He said: "A massive 35,682 people entered into personal insolvency in the first three months of 2010, showing that the record number of personal insolvencies reached last year is showing no signs of slowing as the UK economy comes out of recession.
" The UK consumer continues to struggle with personal debt and will do for some time yet."
According to the Insolvency Service 18,256 debtors became bankrupt in the first three months of 2010 while 11,782 took out an
IVA and 5,644 a debt relief order.
A
debt management plan could be more beneficial to some as these are informal schemes designed to repay debt over a period of time.
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