Huge Increase in IVAs in Wales says National Homebuyers
A large number of people in Wales suffered financial difficulties in 2006, according to the latest figures from the Insolvency Service.
[UKPRwire, Wed Mar 19 2008] The figures show that there was a 400 per cent increase in Individual Voluntary Arrangements (IVAs) between 2000 and 2006.
In the same period of time, there was a 156 per cent increase in bankruptcies.
It shows that many people are struggling with financial difficulties and Jenny Willott, Welsh Liberal Democrat MP for Cardiff Central, said that things could get worse.
"These shocking figures are further evidence that the ticking personal debt time bomb we have long warned about is starting to explode in Wales," she commented.
"Credit card debt is soaring, repossessions are rising and now we see a huge jump in the number of people in Wales going into bankruptcy or turning to IVAs," continued Ms Willott.
Quick house sale expert Julian King adds, "People eligible for IVAs should be very aware that this will basically mean living on the breadline for up to 60 months.
"IVAs are an attractive option for those with debts, but by no means the easiest to survive. Homeowners with debts should consider a mortgage rescue scheme such as Sell and Rent Back".
Mr King is a director of National Homebuyers, the UK's leading provider of Sell and Rent Back solutions for homeowners. Sell and Rent Back is a simplified and cost effective equity release style option for homeowners who want to release cash in their property, but remain living in their home.
"This service is available nationwide", says Mr King "and not limited to Wales".
Rising interest rates in recent years have also had a big impact on Welsh borrowers.