More people ‘will seek IVAs’
The number of people seeking individual voluntary arrangements (IVAs) is likely to increase over the next few years, an expert has predicted.
James Falla, director of Thomas Charles, said that was a growing number of people who needed assistance with managing their debts and that they would seek solutions to their problems during the next year.
The comments follow a survey by the firm, which found that one in five adults have unsecured debts of more than £10,000.
Mr Falla said: "More and more people are going to be turning around and saying to themselves: 'I am in financial difficulty, I can no longer repay this money'.
"What this means is that increasing numbers of people will be looking for a solution."
He added that there were only three likely solutions available to them – the debt management plan, an IVA or declaring themselves bankrupt.
Recent figures from Debt Free Direct showed that the firm had issued twice the amount of IVAs between May and October than it did at the same time last year.
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