Demand for IVAs ‘set to increase’

On reporting its first financial figures recently, the Money Debt & Credit Group indicated that it anticipates more and more Brits will turn to IVAs as a way out of their mounting personal loan and credit card debts.

Part of the reason for the assertion is incoming legislation, which will mean IVAs are approved if a majority of creditors give a debt management plan the go-ahead, not 75 per cent as is currently the case, reports the Telegraph.

Simon Johnston, executive chairman at the debt solution firm made clear: “We operate in a market which is growing significantly and whose growth shows no signs of abating in the short to medium term.”

Meanwhile, charitable organization Credit Action reports that close to 300 Brits are entering into an IVA each day.