- Thursday, 21 May 2009The increase in the number of people looking to
IVA solutions and other forms of personal insolvency is unlikely to slow in the near future, it has been predicted.
Nick Reed, personal insolvency expert at PricewaterhouseCoopers in Leeds, makes the claim in an interview with the Bradford Telegraph & Argus.
He says: "We expect to see the trends continue, particularly the rise in bankruptcies, as the recession bites."
Mr Reed points out that the recession in the early 1990s was followed by a three-year trend for personal insolvencies to be higher than the norm.
This could result in
IVA help being sought through until 2012 if a similar pattern emerges in the present climate.
His comments follow figures from the Insolvency Service which show that 10,713
IVA solutions were arranged in the first quarter of 2009.
This represents a 3.6 per cent quarterly increase in
IVA help and an 11.8 per cent growth rate year-on-year.
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
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960