Living on tick: the 21st century debtor |
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Living on tick: the 21st century debtor
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May 2006
Individual Voluntary Arrangements (IVAs) have doubled in number in 2005, with someone entering an IVA every seven minutes of each working day. The rate of increase is likely to continue throughout 2006.
The profile of the typical debtor is changing. No longer is he a 45 year old builder or shopkeeper with tax bills, but is more likely to be someone in their twenties or thirties, of either gender, with credit card and personal loan debts of £40,000. That person is likely to be unskilled, earning less than £30,000 pa, and living in rented accommodation.
This report analyses the changing profile of personal insolvency.
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