UK Money News
26th June 2008
More Brits using debt management solutions
Soaring living costs and higher mortgage repayments have fuelled a huge rise in the number of households turning to debt management solutions, new figures have shown.
Between January and May, the number of people opting to take out an Individual Voluntary Arrangement has increased by 32 per cent to 2,517, according to data compiled by TDX.
The rise is believed to have been fuelled largely by lenders imposing higher repayment rates on mortgages.
This was borne out by the fact that 957 of people taking out an IVA were homeowners - representing a 47 per cent increase from the same period last year.
Mark Onyett, TDX's chief executive, said: "The rising cost of living is fuelling strong growth in the IVA market. We anticipate that the number of new IVAs opened in England and Wales will continue to increase in 2008.
"However, the rising cost of living is not the only reason for this growth. More expensive mortgages help explain why more homeowners are taking out IVAs."
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