ClearDebt Comments on Latest Individual Voluntary Arrangement (IVA) Figures
(ContentDesk) August 10, 2006 -- ClearDebt's predicted year end figure is 44 000 IVAs. This is considerably less than estimates of some peers, which state 80 000. Variance due to other IVA providers inability to arrange IVAs for individuals with lower levels of insolvent debt.
David Mond, CEO of ClearDebt commented, "These figures illustrate two very interesting issues.
The first is that the growth rate of individual insolvencies remains exceptionally high, raising questions about society's attitude to debt and the creditors' risk management policies."The more significant issue is over the level of debt at which IVAs are offered. We believe that there is the potential for the total IVA market to increase to approx 80 000 cases, but there would have to be considerable changes within the IVA industry Currently, ClearDebt is able to arrange Individual Voluntary Arrangements (IVAs) for debtors with ?7 500 debt due to our innovative kaizen derived systems. This is considerably lower than the industry average of ?15-20 000.We believe that these people deserve the right to be considered for an IVA and are being failed by an industry lacking the necessary flexibility to open up new markets..
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