UK Money News
16th April 2008
Number of IVAs set to double this year
The number of borrowers seeking individual voluntary arrangements (IVAs) is set to double this year, it has been predicted.
According to the UK Problem Debt report from TDX Group, some 400,000 consumers sought to refinance through an IVA last year.
However, the impact of rising living costs, a slowing housing market and lenders tightening their loans criteria will weigh much more heavily on consumers this year, the firm forecasts.
As a result, the number of IVAs could be set to soar to as high as 800,000.
A spokesman said: "There will be fewer refinancing solutions such as re-mortgaging and homeowner loans available, because banks and building societies have tightened up their lending criteria.
"This could mean there could be a doubling in the number of people taking out repayment plans such as IVAs and debt management plans."
TDX estimates that around one million people have problem debts and that they owe a collective £25 billion."
back to April's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
