IVA numbers soar!

Q3 2016 statistics from the Insolvency Service reveal IVA as the debt solution of choice
In England and Wales the number of people becoming insolvent in Q3 2016 was 24,254, a 6% increase on the previous quarter and 19.3% higher than the same quarter in 2015.This included 3,844 Bankruptcies, 6,490 Debt Relief Orders (DROs) and 13,917 IVAs. The increase in individual insolvencies appears driven by the increase in IVAs, which increased 10.9% when compared with Q2 2016.DROs decreased by 3.7% when compared with Q2 2016, which is mainly due to the change in eligibility criteria introduced in October 2015.

Bankruptcy orders were 7% higher than in Q2 2016 yet still 1.5% lower than in the same period in 2015.

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