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New analysis from TDX Group reveals that there has been a dramatic increase in the number and
percentage of IVAs taken out by homeowners.
Between January and May, TDX Group says that there was a 32.3% increase in the
number of IVAs opened, but that the number taken out by homeowners increased by
a staggering 47%.
The number taken out by those living in rented accommodation increased by 26.67%
and those living with parents by 14.4%.
In January, 34% of IVAs opened were by homeowners, but by May this had grown to
38%.
But the majority of people taking out IVAs are still those living in rented
accommodation – they were responsible for 53% of new IVAs opened in May.
Around one in ten are taken out by people living with parents.
These findings are based on the IVAs that pass through ‘The Insolvency Exchange’
(TIX), which is a service offered by TDX Group to creditors to process their IVA
applications and analytically decide which ones to accept on the basis of them
being fair.
Around 80% of all new IVA applications pass through the Insolvency Exchange.
Mark Onyett, CEO, TDX Group commented: “The rising cost of living is fuelling
strong growth in the IVA market.
"We anticipate that the number of new IVAs opened in England and Wales will
continue to increase in 2008.
"However, the rising cost of living is not the only reason for this growth.
"More expensive mortgages help explain why more homeowners are taking out IVAs”
Source: Getting Paid
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