IVA’s accounted for a large proportion of the 132,142 people who were declared insolvent this year according to figures released today by The Insolvency Service. 50% of this figure declared bankrupt, however, 50% managed to to avoid this by signing onto an Individual Voluntary Arrangement (IVA) or a Debt Relief Order. The overall amount increased [...]
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Rise in mortgage lending “only seasonal” warn IVA providers
The total amount of money borrowed in June for mortgage purposes rose sharply compared with the previous month, according to mortgage lenders. The news has been regarded with caution by IVA providers and Debt Management specialists who do not see this as a sign that the economy is improving, or that the recession is at [...]
Recession sees increase in Debt Management and IVA cases
There has been a sharp increase in the number of consumers signing up for Debt Management Plans, or entering into an IVA, since the start of the recession. The real problems began a long time before the credit crunch hit. Whilst the UK was enjoying something of a boom that just seemed to go on [...]
Debt advice sought as defaults increase
A survey by the Bank of England has revealed that the number of consumers that are defaulting on loan repayments has increased, and is expected to keep on rising over the coming months. The figures were gathered together from a poll of UK banks and building societies, and the picture that was revealed was a [...]
Refund delay could leave more needing IVA help
UK banks, and many of their customers will be kept waiting until August for an outcome to the bank charges debacle, as the Law Lords have delayed a final decision on the matter until later this year. A substantial amount of money is at stake, with the UK banks currently earning more than £2 billion [...]
Debt Management Company to write off £6.6 million
Accuma Group Plc, the AIM quoted debt solution provider, announced today that it will take a £6.58 million write down on its debt management arm, Byrom Keeley. Accuma acquired Byrom Keeley in 2006 in a transaction worth up to £15 million. In a deal that was announced a couple of weeks ago, Accuma will sell [...]