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Latest news
IVAs outnumber bankruptcies - again
For just the second time in history, the number of people entering an IVA (Individual Voluntary Arrangement) in England and Wales has actually surpassed the number of people entering bankruptcy.
Between April and June this year, a total of 11,113 people entered bankruptcy, while 9% more (12,143 people) entered an IVA .
IVAs and bankruptcy: what's the difference?
The Telegraph features a report comparing IVAs (Individual Voluntary Arrangements) and bankruptcies. Both of these debt solutions are a form of insolvency. However, IVAs were introduced as an alternative to bankruptcy and differ from bankruptcy in a number of ways.
Before entering into an IVA or bankruptcy, debtors should be aware that both would be noted on their personal credit file for six years and that credit reference agencies don't really distinguish between the two debt solutions.
Latest debt figures - what's changing?
We've just seen the latest 'lending to individuals' figures from the Bank of England , showing us how the personal debt situation in the UK changed in June.
Usually, these figures tend to show that both secured and unsecured debt increased over the month in question. This time, however, there was a bit of a surprise - the amount of secured debt actually shrank over the month, as people collectively repaid more secured debt than they took on.
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