Ivan Cooper is the Chairman at Chiltern, he has more than a decade of experience within the industry. This is his blog related to the debt management industry.
IVA | Individual Voluntary Arrangements | IVA Help | Debt Management
The Chairmans View
IVA numbers rise as personal insolvencies hit record levels
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 by 26% on last years figures to a record high.
IVA’s are a way to avoid bankruptcy and clear your debt in a more controlled way with less impact on your credit rating. The Debt People are IVA advice specialists and have help many people arrange an IVA every year.
Corporate and Business Insolvency
The number of companies liquidated has fallen in the last three months of 2009 to 4,566. This is a fall of 1.7 per cent against the previous quarter and down 1.1 per cent year on year.
This shows that the country has signs of a recovery beginning, however, there are a large number of businesses who may have been saved by HM Revenue & Customs’s “time to pay” scheme, which has enabled struggling companies to defer more than £4 billion of PAYE tax and national insurance liabilities.
British Gas price cut could help ease IVA and Debt Management worries
News that British Gas is to cut its prices could help ease the pressure on financially strapped consumers that are relying on IVA help or a Debt Management Plan as a way to get out of debt. The recession has taken its toll financially, and the bitter winter has left many people struggling to find [...]
IVA and Debt Management worries as borrowing on the increase
Debt Management and IVA help providers are concerned at reports that UK consumers are retuning to their old ways when it comes to spending money on plastic. New UK borrowing on personal loans, overdrafts and credit cards has overtaken the amount being paid off by consumers for the first time in six months, sparking fears [...]
IVA and Debt Management firms concern over energy bills
Concern has been raised by IVA and debt management companies as news emerged that homeowners face record heating bills. Figures have shown that energy firms are profiting from the coldest winter for 30 years. IVA advice specialists are worried that the spiraling costs of gas and electricity could force more consumers into financial difficulty.
The news [...]
Brits may need IVA help after failing to put savings aside
More and more British people may need to consider an IVA or Debt Management Plan as Research has revealed that the average person only has about £2,000 saved up.
Reports from ING have claimed that as little as £40 has been put away during 2009 and that the average saving is £2,000.
This is just over [...]
£2,400 each to solve nation's debt management problems
Each and every family in Britain will have to pay £2,400 to help cut the debt problems caused by the nation’s huge deficit.
This figure highlights the true extent of the financial pain that families across the land will have to face, according to the Institute of Fiscal Studies (IFS).
The think-tank predicts that even families from [...]
Three in four parents risk developing debt problems this Christmas
Three quarters of families are at risk of developing debt management problems as research shows they are set to spend more money than they can afford on keeping children entertained over Christmas.
The additional cost of keeping children entertained over the festive season means that more than three in four parents (77 per cent) admit that [...]
Consumers continue to ease debt management problems
Consumers have continued to repay their debts at a record level throughout October, as they continued to focus on paying down existing debts rather than taking out additional loans.
During October, people managed to repay their unsecured balances – such as overdrafts, personal loans and credit card debts – by £579m, the largest contraction since 1993 [...]
Debt Management worries ease as consumer borrowing falls
Debt Management providers have welcomed the news that consumer borrowing has recorded its biggest fall since Bank of England records began some 16 years ago. There has been a large increase in the number of people struggling with debt problems, and having to seek financial advice to improve their situation.
Consumers have been turning to [...]
Debt management and IVA providers worry as jobless on increase
Unemployment in the UK will continue to rise, Alistair Darling warned yesterday. In a break from normal procedures, where chancellors resist the temptation to predict future jobless figures, the Mr Darling told MPs that “unfortunately it will continue to rise for a while“. The announcement has caused concern amongst IVA and Debt Management [...]
Share prices fall due to Dubai debt problems
Debt problems are nothing new to us in these times, however, there are new concerns in the stock markets across Europe courtesy of Dubai.
Dubai is a country associated with extreme wealth due to oil and hyper-tourism, but in recent times, many of the luxurious properties built by state-owned companies such as Dubai World have struggled [...]
Debt management misery as banks win at Supreme Court
The ongoing saga of reclaiming bank charges, levied on unauthorised overdrafts for poor debt management, has been dealt a cruel blow today in the Supreme Court.
Earlier rulings in favour of the Office of Fair Trading’s investigation into the unfairness of unauthorised overdraft fees, have been overturned by a Supreme Court judgement.
The case at stake, which [...]
Debt advice needed for lower earners
The government should provide more debt advice for lower earners according to a report from a leading charity.
The study, by the Institute of Employment Rights (IER), suggests that people on low wages are currently suffering financially because of the way the complex tax system operates and that they are also suffering most from the economic [...]
2,000 More Jobs to go at Threshers
381 local off-licences operated by Threshers Group will be closed it has been announced. Threshers is owned by First Quench which went into administration on the 29th October this year because of the combination of reduced sales through the credit crunch, but primarily the affect of supermarket giants like ASDA, TESCO and Sainsburys pricing them [...]
Highest fuel prices causing debt management problems
Fuel prices are the most expensive they have been for a year, causing debt management worries for many people.
Following supermarkets raising their prices, the cost of petrol and diesel is now as high (if not higher) than oil giants such as Shell and Esso.
For the first time in over a year the average cost of [...]
Hard-up hardman needs debt advice
Ex footballing hardman, Vinnie Jones alledgedly is in need of some sound debt advice, after it was revealed that his company – Vinnie Jones Enterprises Limited – has been put into liquidation, as a result of unpaid taxes totalling £128,321 going back to 2006.
A team of chartered accountants have been appointed to handle the liquidation [...]
More debt advice needed as repossessions rise by 3%
Debt advice was desperately needed during the third quarter of 2009 as the number of repossessions rose compared to last year, according to figures released by the Council of Mortgage Lenders (CML).
During the three months from July to Septemeber, the number of homes repossessed increased by 3% on last year’s figures during the same period.
The [...]
Avoiding debt problems this Christmas
With Christmas approaching faster than a speeding train, almost five million people are still trying to get out of debts that they ran up last year.
More worrying is the news that around three quarters of Brits are short of money to pay for this year’s festivities, so could be walking into a further £8billion hangover.
The [...]
Debt management worries drive down car usage
Drivers worried about their debt management issues are actively seeking ways to drive more efficiently and lower motoring costs a study has announced today.
According to figures released by the RAC, motorists are cutting back on their driving costs by using their vehicles less, opting for smaller cars and running just one car per family.
These cut [...]
Even super-rich suffering with debt management issues
An incredible image of a pawnbroker wearing six Rolex watches, in front of sports cars and an aeroplane pawned by businessmen with debt management problems has stunned many Daily Mail readers.
The photo on the newspaper’s website, features two Ferraris, a Porsche and a French two-seater Cap 10 stunt plane which illustrates how widespread the recession [...]