Did you know that people who have an IVA (Individual Voluntary Agreement) are more likely to read the Sun newspaper? Did you know that people in Yorkshire are more likely to have an IVA? Did you know that an IVA is a debt solution agreement that is an alternative to bankruptcy?
When debt mounts and the options reduce, many people make the assumption that bankruptcy is the only solution. For thousands of people this isn’t the case.
An IVA is ideal for people who have £10,000 or more of unsecured debt and who are in regular employment.
Thousands of People
Already in the UK, thousands of people are using an IVA. Debt Free Direct has compiled information based on the dataset of their customers. They have done this to generate a better idea of the kinds of people who are more likely to have an IVA.
From the research it emerged that men are more likely to have an IVA. The data also revealed that people in Yorkshire are marginally more likely to have such an agreement.
Owning property and starting a family were other traditional causes of debt that led to people more likely to have an IVA.
Salary brackets proved to be an interesting subset of numbers with people earning between £30,000 and £40,000 more likely to have an IVA. The school of thought appended to such data suggested that maintaining a certain lifestyle expected with such earnings can lead to debt problems.
Following in this vein, lifestyle choices such as hobbies can lead to debt problems. People most likely to have an IVA would often be keen cinema goers, eat out a lot, engage in exercise and sports and interestingly, spend a lot of time in the garden.
All the information indicated that there is a bigger UK reliance on a debt solution that doesn’t garner anywhere near as much coverage as bankruptcy.