- Thursday, 5 March 2009More Britons might be looking into how to get an IVA as the Bank of England reveals lending to individuals has slowed.
In its latest report, the Bank notes that the increase in net consumer credit recorded in January 2009 fell below the previous six-month average.
However, during the month, £400 million of new lending was reported, which could have increased many people's debt burdens.
Setting up an IVA might provide a solution to anyone who finds they are facing difficulties with repayments in today's troubled economic times.
The Bank of England figures indicate that more people may have been tackling their outstanding debt, or were unable to access new credit over the course of 2008.
Over the full 12-month period, the growth rate in consumer credit fell by half a percentage point to stand at 3.1 per cent.
In its fourth quarter 2008 Quarterly Bulletin, the Bank of England reported that more than 50 per cent of households with debt difficulties were attempting to recover their situation by cutting back on spending, rather than looking into how to get an IVA.
But a more structured solution such as setting up an IVA could provide an alternative for those who are unable to cut back sufficiently.
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