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IVAs reach new high in Northern Ireland

The number of people entering an IVA (Individual Voluntary Arrangement) in Northern Ireland has reached a new high, the latest figures from the Insolvency Service have confirmed.

In the second quarter of 2010, a total of 273 people in Northern Ireland entered an IVA to tackle their debt problems.

While nowhere near the figure for England and Wales (13,466 IVAs in the second quarter - also a record), it`s still significantly higher than any previous quarterly figure in Northern Ireland; the first quarter of the year saw 238 people enter an IVA, so it`s a 15% increase on this.

And it`s up 33% on the IVA figure for the same time period last year.

Although the number of people entering bankruptcy in Northern Ireland was also up in the second quarter, from 316 to 363, this wasn`t a record - in the final quarter of last year, there were 381 new bankruptcy cases.

On the whole, however, the number of personal insolvencies reached 636 - a new high - thanks to the increase in IVAs.

Unlike in England and Wales, there are only two forms of personal insolvency in Northern Ireland at the moment: bankruptcy and IVAs. Debt Relief Orders (DROs) aren`t available at present, although it looks like they`ll be introduced in the foreseeable future.

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The IVA Advisory Centre is a licensed Insolvency Practice, offering expert debt advice as well as IVAs and a comprehensive range of other debt solutions. If you are in debt and would like to explore your options, contact one of our advisers today.