IVAs

Bankruptcies on the rise

Rebecca Atkinson — Fri, 07 Nov 2008 11:23:45 +0000

The number of people going bankrupt jumped by over 12% over the summer, while the number of companies going bust has leapt by 26% over the past year, according to new figures from the Insolvency Service.

Consumers warned of mis-leading IVA promotions

Rebecca Atkinson — Thu, 05 Jun 2008 13:30:24 +0100

Consumers have been warned about unsolicited mailings encouraging them to cancel existing individual voluntary arrangements (IVA) and opt for a debt management solution such as bankruptcy instead.

Rising costs increase pressure on debtors

Rebecca Atkinson — Fri, 02 May 2008 10:46:17 +0100

The number of people going bankrupt or taking out an Individual Voluntary Arrangement (IVA) has fallen by 13% in the last year but the ongoing credit crunch could reverse this trend going forward, experts warn.

Insolvencies set to rocket despite dip in 2007

Rebecca Atkinson — Fri, 01 Feb 2008 13:26:27 +0000

The number of people declaring themselves insolvent fell in the last three months of 2007 but experts warn that bankruptcies and Individual Voluntary Arrangements will rocket in 2008.

Statistics from the Insolvency Service show that there were 24,846 personal insolvencies between October and December last year, a decrease of 16.4% on the same period in 2006.

During the three months, there were 15,659 bankruptcies, down 8.3% from 2006, and 9,188 IVAs, down 27.3%.

During the whole of 2007, the number of people becoming bankrupt increased while the amount of people taking out an IVA fell. Overall, there were 106,645 personal insolvencies in 2007 - a slight decrease of 0.6% from the previous year.