Almost three quarters of people in England and Wales who were in, or had been in, an Individual Voluntary Arrangement (IVA) struggled to make their scheduled repayments, according to a survey in 2023. Having to cut back on everyday essentials was a problem faced by 46 percent of those surveyed, while 32 percent had to borrow money to make their IVA payments. An IVA is an insolvency solution whereby an individual in debt agrees a repayment schedule with their creditors, via an insolvency practitioner.
Problems faced by people in Individual Voluntary Arrangements (IVAs) in England and Wales in 2023
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Citizens Advice. (February 27, 2023). Problems faced by people in Individual Voluntary Arrangements (IVAs) in England and Wales in 2023 [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1499876/england-and-wales-iva-problems-faced/
Citizens Advice. "Problems faced by people in Individual Voluntary Arrangements (IVAs) in England and Wales in 2023." Chart. February 27, 2023. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1499876/england-and-wales-iva-problems-faced/
Citizens Advice. (2023). Problems faced by people in Individual Voluntary Arrangements (IVAs) in England and Wales in 2023. Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1499876/england-and-wales-iva-problems-faced/
Citizens Advice. "Problems Faced by People in Individual Voluntary Arrangements (Ivas) in England and Wales in 2023." Statista, Statista Inc., 27 Feb 2023, https://www.statista.com/statistics/1499876/england-and-wales-iva-problems-faced/
Citizens Advice, Problems faced by people in Individual Voluntary Arrangements (IVAs) in England and Wales in 2023 Statista, https://www.statista.com/statistics/1499876/england-and-wales-iva-problems-faced/ (last visited December 23, 2024)
Problems faced by people in Individual Voluntary Arrangements (IVAs) in England and Wales in 2023 [Graph], Citizens Advice, February 27, 2023. [Online]. Available: https://www.statista.com/statistics/1499876/england-and-wales-iva-problems-faced/
