Press Release 06/05/08
DEBTORS DITHER ON INSOLVENCY DECISION WHILST ECONOMY HANGS IN THE BALANCE – BUT THOUSANDS JUST DELAYING THE INEVITABLE, SAYS IVA.COM
UNCERTAINTY about the direction the economy is heading this year is what’s holding debtors back from entering a formal arrangement to deal with their problems, according to IVA comparison site IVA.com.a
“Compared to the speed with which the credit crisis has worsened this year and the daily increase in personal debt levels*, today’s insolvency figures**, whilst having risen for the first time in a year, are still lower than might have been expected,” says IVA.com’s Terry Balfour.
“But it would be wrong to interpret this as a sign that, actually, people aren’t in as much trouble as we thought. Serious levels of debt are a major problem for many thousands of UK consumers and the reality is that professional help is, for many, the only way they will be able to turn things around.
“On a daily basis we speak to people who are struggling to cope with very difficult financial circumstances but they are reluctant to commit to a binding agreement such as an IVA until they are certain that it’s their best course of action,” he says.
“Hope springs eternal, it’s true, and many people are desperate to believe that their situation will become manageable if only there’s another rate cut, their lender offers them a lifeline in the form of a great mortgage deal, or some similar good fortune comes their way.
“But with the worst drop in house prices since 1996 just announced, the reality for people in serious debt is likely to get worse before it gets better.
“Despite the ray of hope from reports that the worst of the credit crunch is over, the effects of what has happened over the past six months will not be so easily dealt with and I expect to see a marked rise when the next insolvency figures are announced.”
– Ends –
General enquiries: 0800 324 7011 / www.iva.com
Press enquiries:
Terry Balfour, Director
0800 324 7011
IVA.com
Terry.balfour@iva.com
Lucie Ager, Consultant
01273 774109 / 07796 878263
David Andrews Media Ltd
lucie@davidandrewsmedia.co.uk
David Andrews, Senior Consultant - Director
01273 774109 / 07941 255855
David Andrews Media Ltd
david@davidandrewsmedia.co.uk
Editor's notes
Founded by its managing director Terry Balfour in 2007, IVA.com is the first IVA comparison website in the UK. It is a free interactive online service for consumers looking for an IVA firm most suitable to their needs. Its database has over 1,000 UK-based IVA firms and insolvency practitioners (IPs). IVA.com brings transparency to the market by employing its unique rating system based on the real experiences of IVA customers. There are over 500 reviews and many more ratings that provide people with details of how IVA firms are performing.
IVA.com enables smaller firms to compete more effectively with the larger IVA factories.
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