The majority of British consumers would consider entering an Individual Voluntary Arrangement (IVA) as a way to resolve their debt management problems, according to recent research.
Figures compiled by YouGov on behalf of moneysupermarket.com show that more than half of the UK’s adult population would assess their IVA options if their debt difficulties became sufficiently serious.
Furthermore, one in ten people around the country are convinced that IVAs can help solve debt management difficulties and should be more widely available to British credit consumers.
However, the research also found that 64 per cent of Britons aged between 18 and 24 are not aware of how IVAs are used and around 12 per cent suggested that the arrangements encourage people to take on more debt.
A survey carried out by the Association of Business Recovery Professionals found that consumers aged 18 to 24 are currently dealing with more unsecured debt than any other age group in Britain.