Insolvencies on the rise – what will happen when interest rates go up?
I read with great interest this week that Government statistics show that applications for Individual Voluntary Arrangements (IVAs) - where an individual comes to an agreement with their creditors to pay back their debts over a period of time - have reached their highest level since they were introduced in 1987. In England there were 15,523 IVAs recorded in England & Wales in the third quarter, rising from 13,290 in the same period a year ago.
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