- Monday, 18 May 2009The number of people in England and Wales who took on an
individual voluntary arrangement (IVA) during the first quarter of 2009 increased by 11 per cent compared to the same period last year, according to Ministry of Justice figures.
Some 9,807 people entered into an IVA between January 1st and March 31st 2009, while the number of people declaring bankruptcy in the same period increased by 33 per cent to 17,606.
John Bangham, the director of personal insolvency at the Cardiff branch of KPMG, told the Western Mail that consumer debt remains at "record levels".
He told the newspaper: "Combined with the highest unemployment levels since 1997 and rapidly increasing negative equity, it is no surprise that we are seeing the highest levels of personal insolvencies since records began."
Earlier this month, the Telegraph suggested that anyone thinking about declaring bankruptcy or entering into an IVA may be wise to first consult an independent financial adviser to talk them through their options.
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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