18th June '08 - Insolvency Helpline Report IVA Acceptance on Rise
Debt management advice group the UK Insolvency Helpline has reported that it has seen a sharp rise in applications for Individual Voluntary Agreements (IVAs).
In contrast to the experience of many during the past decade, who found that their IVA applications were rejected because they were deemed to have too much equity in their properties to be suitable candidates, in recent months, the number of successful applications has been growing.
For example, the UK Insolvency Helpline say that in April, 623 of 667 IVA applications were successful.
While these figures reflect uncertain economic times and indicate that many consumers are being hit hard by the impact of the “credit crunch”, the high success rate of new applications at least means these consumers are not being forced to go with unscrupulous or “back street” debt management providers.
A spokesperson for the helpline commented on the problem, “Over the past two to three years we had to offer alternative solutions to applicants who would have been perfect candidates for IVAs if only their homes were valued at a lower figure.”
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