Today the Insolvency Service published annual statistics on the outcomes of individual voluntary arrangements. The most recent figures for the period 1990-2013 and can be found at: https://www.gov.uk/government/statistics/individual-voluntary-arrangement-outcome-statistics.
Graham Horne, Interim Chief Executive of the Insolvency Service, said:
“Dealing with problem debt enables those in financial difficulties to move on with their lives. Individual voluntary arrangements provide a good solution for both those owed money and those in debt, enabling them to clear their debts and make a fresh start.
“There are a number of debt solutions available and it is important to get good advice about which option is right for you. Since guidelines on eligibility for these agreements were drawn up under the leadership of the Insolvency Service more people are sticking to their debt repayment plans than previously.
“People in financial difficulties should seek free early advice from organisations such as the Money Advice Service on the options available to them.”
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