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|Insolvencies rise for the first time in a year as more as more people turn to IVAs|
|Thursday, 29 October 2015|
The number of people facing insolvency has risen for the first time in 12 months, with 19,683 people in England and Wales becoming insolvent in the third quarter of 2015, according to the Insolvency Service. The report shows the rise has been driven by an increasing number of people choosing to enter into Individual Voluntary Arrangements (IVAs) to repay unmanageable debts. These formal arrangements, managed by a licensed Insolvency Practitioner, increased by 9.3% compared to Q2 2015.
James Jones, head of consumer affairs at Experian, commented: “It is always sad to see the number of people facing insolvency climb, but the rise in the number of IVAs can be seen as a positive sign, with more people facing up to their financial issues and taking steps to deal with mounting debt repayments.
“The sooner people take the first step on the road to recovery, the sooner they can rebuild their finances and credit rating. It is vital that people seek help if they are struggling, and organisations like National Debtline, StepChange Debt Charity and Citizens Advice are always ready to provide expert advice and support to everyone in need.
“Simple steps like discussing problems with lenders, making shrewd choices about future credit applications and rebuilding a positive credit history form a key part of this recovery, and informal and formal agreements can be the first step in this journey.”
As a public record, an IVA will stay on your credit report for at least six years, and will also be entered onto the insolvency register; however, there is light at the end of the tunnel and with some patience and the proper guidance it is possible to recover and get back on track after a period of financial difficulty.”
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