Credit Squeeze Brings Mixed Blessings to the IVA and Debt Business
Related Searches
(PRWEB) March 31, 2008 -- With the UK's householder debt now totalling £1.4 trillion, getting out of this debt has become a serious concern for much of the population. Over the past five years, debt management companies have enjoyed rapid growth as the number of individuals taking advantage of debt solutions such as an IVA (http://www.moneysolve.co.uk), Debt Management, or Bankruptcy, has risen sharply. The need for expert advice in this area has never been higher, but the global credit squeeze is having a profound impact on the debt management industry, which could put some companies out of business.
The IVA (Individual Voluntary Arrangement) has become a popular option for individuals in debt, as it involves writing off a portion of the debt, and legally preventing creditors pursuing the indebted individual, who must instead commit to a repayment program, typically over five years.
In 2004, 10,752 UK individuals obtained an IVA. This figure almost doubled in 2005 to 20,293, then doubled again in 2006 with 44,332 new IVAs issued. Debt companies (http://www.moneysolve.co.uk) enjoying this growth may have expected the trend to continue in 2007, but instead there was no growth at all, with the number of new IVAs actually falling slightly. Credit problems stemming from the US housing market have brought mixed blessings for the debt industry.
Unfortunately for those in the IVA business, the global credit crunch means that banks are becoming much more rigorous in how they assess all types of risk - making it much more difficult for many people to obtain an IVA. Recent figures posts by Accuma Group (http://www.accumagroup.com), a leading debt solutions company, showed huge losses in 2007, resulting in the group attempting to sell off its IVA portfolio in favour of their debt management customers.
Whilst the number of IVAs being issued may be falling, other debt solutions will undoubtedly enjoy significant growth through 2008 as the UK debt crisis becomes ever more serious. How debt solution providers adjust to the changing global financial climate may be the deciding factor in whether they remain trading in 2009. Expect turbulent times in 2008 for the debt advice sector.
###
This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
|
|
 |
 |
1938 Media Sponsors China Search Marketing Tour
The tour will visit Beijing, Shanghai, Xiamen and Hong Kong and participants will attend the 2nd China Search Engine Strategies Conference and Expo in May 2007
What is Information Technology?
What is Information Technology?The phrase Information Technology means different things to different people. Below is a list of popular definitions, but is not exhaustive.Includes all matters concerned with the furtherance of computer science and technology and with the design, development, installation, and implementation of information systems and applications [San Diego State University]. An information technology architecture is an integrated framework for acquiring and evolving IT to achieve strategic goals. It has both logical and technical components. Any equipment or interconnected system or subsystem of equipment, that is used in the automatic acquisition, storage, manipulation, management, movement, control, display, switchin ...
Booz Allen/AmCham Shanghai Study Finds Companies Adopting China as Both a Growth Market and Manufacturing Hub Are Two-Thirds More Profitable Than Othe
The era of China as a low-cost, manufacturing-for-export market has come to an end. Companies that integrate China into their global supply chains as a source of competitive advantage are far more successful than companies that pursue narrower objectives in China, finds a study jointly conducted by management consulting firm Booz Allen Hamilton and the American Chamber of Commerce (AmCham) Shanghai.
IT Industry Experiences Growth Despite Economy Woes
Expert from Boston computer learning center, New Horizons, discusses the growth in the information technology industry.
Computer Networking and the Internet
Computer networking is devices or computers that are interconnected and exchange information It has been intertwined with other disciplines as well such as Information Technology, Telecommunications, and Computer Engineering
Beijing Olympics Credited With Chinese Bible Sales Increase
The demand for Chinese Bibles and Chinese Language Bibles has dramatically increased as the Beijing Olympics moves the world's attention to China.
Conferencing To Reach Out Globally
This is the age of information. With it have arrived the technological advances that have changed immensely the ways in which we do business. All one needs to do is click on a mouse or hit "send" on a mobile device to send information across the seas and continents. The world of business has changed and technology and computers are bringing the world face to face with technology such as web and audio conferencing, all through the immense power of the computer.
Zunch China's President to "Unlock" Search Engine Optimization for Chinese Businesses
Zunch China President Terrence Ou to be Keynote Speaker at Beijing SEO Seminar.
Barrett Moving & Storage's Product Transportation Planner Visits China
Barrett's Product Transportation Planner traveled to Shanghai and Beijing, and returned with wisdom about doing business in China.
Online Wine Sales Deliver a Personalized Experience, Shifting Industry Trends
E-commerce Wine Sites Overcome Traditional Obstacles as Technology Advances
|
 |
|
