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IVAs likely to rise in 2008
The number of individual voluntary arrangements (IVAs) taken out is likely to increase in 2008, according to Credit Action.
Director of the organisation Chris Tapp said that one of the reasons for the potential rise in IVA applications is that credit is becoming harder to obtain and the cost is also going up.
However, he also stated that "it is slightly unclear" if all of the people who apply for an IVA will be approved.
"There is a slight change in regulation which means that they are harder to come by and the banks are also much less willing to grant IVAs than they were a couple of years ago," he remarked.
Mr Tapp added that the fact that there is "real pressure" being exerted on Britons' finances will mean that more people will attempt to seek such debt management solutions.
There were 10,698 IVAs during the second quarter of 2007, according to the Insolvency Service.
