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CLEARDEBT SURVEY SHEDS LIGHT ON DTI INSOLVENCY FIGURES
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Latest Government statistics underplay growth in IVAs
- Creditors overwhelmed by IVA requests
- Credit card and loan debt has increased sharply to 137% of take home pay...
The Latest government insolvency figures published today (Friday, 5 May) show a 73% rise in personal insolvencies between the first quarter of 2005 and the same period this year. But, IVA provider, ClearDebt, believes the figures for Individual Voluntary Arrangements(IVAs) may be significantly understated, despite their year on year rise of 142%.
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Data from the more than 14,000 people who have filled in ClearDebt’s online debt questionnaires show that the average IVA seeker now owes 137% of their annual take home pay (in unsecured loans, excluding any mortgage), compared with 116% in May last year. The average amount owed by debtors is £23,649. Debtors in the North East owe least (£19,4i5), but top the debt/income ratio list – owing 165% of their take-home pay. Debtors in the South West owe most (£26,408).
Men (£26,305) owe substantially more than women (£20,110) both in cash terms and as a percentage of income (Men – 147%, Women – 129%).
Older people also have bigger debt problems than younger, with over 45’s owing 188% of annual income, compared with 105% for under 25’s.
Latest figures from ClearDebt illustrate that the level of credit card and loan debt owed by IVA seekers has risen sharply since May last year.
ClearDebt CEO David Mond commented:
“We think the figures issued by the DTI may significantly underestimate the demand for IVAs, thanks to creditors inability to deal swiftly with the sharp rise in the numbers of people in debt seeking to use this route out of debt. Our experience is that even the largest of banks and credit card companies are having difficulty coping with the rise in debtors seeking an IVA.
“We noticed a significant slowdown in creditor’s ability to respond to IVA proposals as early as February. By late March we had to take the decision to increase the time we gave to creditor organisations to respond to our proposals from 14 to 21 days. As a result, it is likely that there are hundreds or thousands of IVAs in the pipeline, awaiting approval which, ordinarily, would have appeared in the DTI’s statistics”.
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| Links to related ClearDebt articles: Individual Voluntary Arrangement (IVA) Debt forgiven with an IVA ClearDebt debt survey gives regional, gender and age context for upcoming Government insolvency statistics Young women IVA seekers have greater debts People with debt problems are more prepared to cut their children’s activities than to give up smoking ClearDebt welcomes insolvency watchdog’s proposals on IVAs IVA alternative to bankruptcy misconception ClearDebt comments on Latest IVA Figures ClearDebt clarifies IVA process IVA Rejected but Arranged Structured Repayment Plan to get Finances on Track Debts cut by 61% - saving £600 a month with an IVA IVA is not always the right choice Clear debt with an IVA - and starting life again Your money or your job IVA slashed monthly payments to £300 - from more than £2,000 Divorce/separation can change your financial life IVA after wage drop and debts spiralling. IVA Advice and IVA Help IVA Advice - Guide to arrange an IVA IVA Advice - Northern Ireland IVA Advice - What is the Cost of an IVA? IVA Advice – Being eligible for an IVA? IVA Advice – IVA Facts and advantages over bankruptcy IVA Advice – IVA Facts and disadvantages IVA Help IVA Help - How long could it take? IVA Help - Insolvency Practitioner IVA Help - Secured loan or mortgage? IVA Help - What will happen to my assets in an IVA? IVA Help - What will happen to my home in an IVA? IVA Help - What information do I need to arrange an IVA? IVA Protect – Payment Protection Insurance |
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- Login when it suits you and complete at your own pace
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