IVAs Expected To Increase In 2008

According to Credit Action, the number of individual voluntary arrangements (IVAs) taken out is expected to get increase in 2008.

Director of the organisation Chris Tapp revealed that one of the reasons for the prospective mount in IVA applications is that credit is becoming very difficult to acquire and the cost is also growing up.

However, he also stated that "it is a little bit unclear" if all of the people who apply for an IVA will be sanctioned.

He added that "There is a bit change shows in regulation which means that they are difficult to come by and the banks are also much less willing to grant IVAs than they were a couple of years ago."

Mr. Tapp added that the fact that there is a real pressure being exerted on Britons' finances which will mean that more people will attempt to seek such debt management solutions.

According to the Insolvency Service, there were 10,698 IVAs during the second quarter of 2007.

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