Audit and accountancy firm KPMG has predicted 2009 will see a further 150,000 people declare themselves insolvent as debts mount up due to the economic downturn and the increase in risk of unemployment. Speaking following the release of figures from…
Around 600,000 people struggling to handle debts are not accounted for by official figures, it has been suggested. Those who agree on a debt management plan (DMP) with creditors are not included in government statistics, insolvency body R3 has noted,…
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People are racking up a higher amount of debt before searching for help through Individual Voluntary Arrangements (IVAs), it has been claimed. In August, the average amount of debt accrued by people before they sought aid stood at £47,000, reported…
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Deciding whether to opt for an Individual Voluntary Arrangement (IVA) (IVA) or bankruptcy depends on several factors, an industry insider has claimed. The head of restructuring and recovery at accountants Baker Tilly, Geoff Carton-Kelly, told the Telegraph that deciding which…
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ClearDebt has obtained an injunction against people and firms involved with the IVA Council, freezing their assets, prior to possible further legal action. The IVA Council is one of a number of companies trying to persuade people in IVAs to…
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More British people will declare themselves bankrupt or take out an Individual Voluntary Arrangement (IVA) in the coming year, according to 70 per cent of insolvency practitioners. A total of 68 per cent expected an increase in the next six…
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applying for Individual Voluntary Arrangements (IVAs), it has been claimed. According to the UK Insolvency Helpline, fewer homeowners are being denied the option of entering an IVA because the value of their property exceeds their total debts. However, as house…
A warning has been issued by the Office of Fair Trading (OFT) over the growing number of businesses trying to exploit the financial vulnerability of insolvent individuals around the country. The OFT reports that a number of companies have been…
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