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| Case studies are all genuine individual cases. For confidentiality no real names or photographs are used. |
 R3 IVA standard terms and conditions |  |
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Young women IVA seekers have greater debts
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7th August 2006 | |
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We've helped Sean Poulter, the Daily Mail's consumer affair's correspondent, with a piece on women and debt - using data from our database of IVA seekers. An excerpt, with our comments, appears below but you can find the full article here: (Sean Poulter, Daily Mail, 12 November 2005: "Debt piles up for young women")
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From the article:
" A new study offers a grim picture of the number of women going bankrupt or entering a legal repayment plan with creditors, known as an Individual Voluntary Arrangement(IVA).
The figure rose from 11,900 in 2002 to 17,260 last year and is predicted to reach 26,500 this year - a rise of 122%. The figure is expected to top 41,500 by 2007.
Finance expert ClearDebt, which carried out the survey, says the current increase in money troubles, with personal debt topping £1trillion is a problem for men and women of all classes. But the crisis is accelerating most among young women.
The company expects the total number of people going bankrupt or going into an IVA to climb from 46,650 last year to 66,346 this year - a rise of 42%."
The article goes on to quote ClearDebt as saying: "'There are some people who have irresponsibly amassed credit.
'We see a lot of young women with three, four and five credit cards which are spent up to their limit on clothes and holidays.
'Young women are under greater pressure than men to spend more of their money on looking good, fashions and going out. But the evidence is that many are simply living ahead of their income.'
That's a simple encapsulation of our view: Had there been space we'd have liked to see added that most people in debt get into arrangements they are confident they can manage - and that they are able to walk the debt tightrope until something big in their life changes - that's when they fall off and often find it impossible to climb back on again.
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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 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 CLEARDEBT SURVEY SHEDS LIGHT ON DTI INSOLVENCY FIGURES 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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