Large drop in IVA approvals

Monday, February 4, 2008

There has been a large drop in the number of Individual Voluntary Arrangement's (IVA's) transacted in the last quarter of 2007.

This is likely to be down to the stringent criteria imposed by the Insolvency Exchange.

Many more IVA applications are being rejected as a consequence.

However as conditions in the credit market have failed to improve and with debt in the UK at an all time high it is likely that many more people will be pushed down the IVA route.

We would expect to see the number of people applying for IVA's increase significantly over the next 12 months.

If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260, or visit us at www.solution-mortgages.co.uk