For some, insolvency is unavoidable. The recession, multiple loans and bad debt advice led to over 130000 (134142) people becoming insolvent last year. Of these, nearly 50000 (47641) took out an Individual Voluntary Arrangement (IVA). This form of debt management works for people with over £15000 of debt and over £200 of disposable income. If 75 per cent of creditors agree to the IVA, the person seeking debt help can be debt free after five years. However, the government has launched a new agency to help educate people about money. The Consumer Financial Education Body (CFEB) will be run by Tony Hobman, who states that it will give people “knowledge, confidence and support” with they money, and allow them to “choose products and services to meet their needs”.
New agency aims to end serious debt
April 28, 2010 By
