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| T O P I C R E V I E W |
| BankruptcyNews |
Posted - 03 August 2007 : 10:03:48
Number going bust in slight fall
The number of people becoming insolvent in England and Wales has shown a surprising fall, official figures show.
Between April to June 26,956 people became insolvent, this is a decrease of 8.1% on the previous quarter but a rise of 4.2% on the same period last year.
Experts say the fall maybe due to lenders becoming less keen to accept Individual Voluntary Arrangements (IVAs), a type of insolvency.
In total, the number of IVAs fell 15% between the first and second quarters.
Into reverse
Over the past year, a huge increase in individual voluntary arrangements or IVAs, a type of insolvency, has boosted the figures but this has now gone into reverse as lenders become more reluctant to accept them.
"Lenders have hardened their attitude to IVAs," Pay Boyden, an insolvency specialist at PriceWaterhouseCoopers told BBC News.
"In recent times lenders have been suspicious that some IVA providers, through high profile advertising, have been encouraging people to enter into IVAs who need not do.
"However IVAs serve a purpose, they ensure that the lender gets around 25 pence in the pound of the money owed back - compared to a few pence in the pound in bankruptcy," Mr Boyden added.
Source: bbc.co.uk
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