Record IVA figures forecast

over the course of the last three months will set a new record.

The official figures, which are due for release this week, could show that more than 30,000 people have opted for this kind of debt solution during a single quarter for the first time, reports the Metro.

Steve Treharne, head of personal insolvency at the KPMG accountancy firm, is quoted as saying: “Overall, the number of personal insolvencies is going up. There are enough people out there in difficulty to maintain the high rate of insolvency.”

KPMG figures released in early February of this year demonstrated that the number of people opting for an IVA to solve their debt problems during 2006 was up by around 118 per cent on the previous 12 months.

Meanwhile, Credit Action revealed recently that the total amount of personal debt in the UK now amounts to more than £1,310 billion.