Spokeswoman Moira Haynes said that the pace of change in the financial markets was not matched by people’s awareness, leading many to get into debt through their ignorance. “British consumers are paying a high price for being ill-informed and unconfident…

Andrew Smith, the marketing director of Clear Debt, explained the concept of IVAs and how they cap the amount of debt that people have to repay without many of the negative effects of bankruptcy. “The only people who can take…

According to John Borgars of Equity Development, IVAs are both quicker than formal bankruptcy procedures and avoid incurring large lawyers’ fees. Mr Borgars said that the introduction of IVAs combined earlier forms of informal and cheap agreements with the advantage…

While both the UK and the US are facing spiralling personal debt levels, IVAs, which are not available in the US, have been welcomed as a good way to tackle serious debt without declaring bankruptcy. “In the UK individuals have…

Roz Cross got into financial trouble after taking two months off from work when diagnosed with cancer of the spine. Although she had been servicing her debts before her sudden illness, the Daily Mail reports that arrears built up to…

According to accountancy giant PricewaterhouseCoopers (PwC), the amount of money consumers are spending beyond their means is to blame for the growing numbers of IVA applicants, website This is Money reports. “People are simply spending too much,” said report author,…

The charity says that debt levels have risen by a third amongst its clients since 2003, so that the average is now £13,153 – 17.5 times their average monthly income. “For many there is little prospect of their income increasing…

New figures from the Insolvency Service show insolvencies in the first quarter were up for both individuals and companies, as bankruptcies and Individual Voluntary Arrangements (IVAs) soared. Individuals accounted for 23,351 individual insolvencies in England and Wales in the quarter,…