Press Release
TROUBLE TOTALS - THE RISE IN BANKRUPTCIES AND IVAS IN PERSPECTIVE
3 February
The total numbers of people reaching a solution to their debt troubles hit a new record in 2005. There were substantial increases in bankruptcies, IVAs, Scottish insolvencies and Debt Management Plans (DMPs).
But the Trouble Totals have a double meaning. They are both people we know are in financial difficulties, and they are also the Solution Totals, in that these are the people who are likely to have found an appropriate solution to their debt problem.
There are good reasons – other than an increase in financial troubles – for the rises in the numbers of different solutions. Bankruptcy has been fuelled by the Enterprise Act; IVAs have been the subject of multimillion pound advertising promotions; DMPs have risen as CCCS has become better known.
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