IVA figures 'soar'
Published On 4 May 2007
Official figures show that the number of people declaring themselves bankrupt or seeking an IVA increased in the first quarter of 2007.Data published by the Insolvency Service indicate that there were 30,075 individual insolvencies in England and Wales in the first three months of the year - 1.2 per cent more than in the last quarter of 2006.
There were 16,842 bankruptcies in the period, an increase of 1.3 per cent compared to the previous quarter.
Equally, the figures showed that there has been a sharp increase in the number of IVAs issued compared to last year. Overall, IVAs increased by 47.6 per cent when compared to the same period last year, now totalling 13,233.
Elsewhere, figures from the charity Credit Action revealed that both secured and unsecured personal debt in the UK continued to rise in March.
The charity's data found that total personal debt in the UK reached £1,318 billion in March - having increased by 10.5 per cent over the last year.
A typical adult in the UK now owes £28,024 including their mortgage.
