Oddly enough, last year’s insolvency statistics show an interesting pattern which is almost beyond belief since so many Britons are out of work or receiving lower wages than in previous years. According to the Insolvency Service, individual insolvencies are down by about 31.2% in Q3 of 2011 as compared to Q3 of 2010. Data for the final quarter have yet to be compiled, but it is expected that this pattern will continue on into 2012 because of the alternatives to bankruptcy which are available to UK consumers.
One of the reasons why so many people have been able to avoid insolvency is called an Individual Voluntary Arrangement, or an IVA for short. This is an agreement between creditors and the person in debt whereby an amount is agreed upon to be repaid monthly and if the agreement is followed by the consumer, creditors cannot seek legal action in court. Because of interesting debt solutions such as an IVA or a DRO, so many more people are now able to avoid being bankrupt.
In England and Wales during Q3 of 2011, only 30,219 individuals were made bankrupt which is down significantly from the same quarter in the previous year. In fact, they were decreased by 31.2% overall in a like-for-like quarterly comparison. Interesting insolvency statistics indicate that only 9,567 insolvencies were filed. In addition, an astounding 13,048 people were able to avoid insolvency through IVAs which is why IPs such as debtfreeme are in greater demand than ever.
Not to be confused with debt management plans, IVAs must be overseen by certified IPs. If you are looking for a way to evade insolvency, Debt Free Me has a solution for you. Join tens of thousands of other Britons who are looking to be amongst the interesting statistics when it comes to circumventing insolvency.