/24-7PressRelease/ - LONDON, UK, October 29, 2006 - Brits are finding themselves engulfed in debt problems and it is forcing them to look for alternate remedies like individual voluntary arrangements and bankruptcy proceedings. As a result, the debt management services in the UK are surely on the increase.
With the debt problems on the rise in UK, there has been a rapid increase in the number of people seeking to escape their debts by way of an individual voluntary arrangement (IVA).
Debts.co.uk - a debt management company specializing in setting up individual voluntary arrangements for people who cannot pay their debts fully - reported a 62 per cent jump in its annual profits to 2.1m.
The company, presently managing about 140 IVAs a month, expects them to rise to 500 per month. It covers three businesses including formal bankruptcy proceedings and organising loans secured on its customers' properties - so that they can use the equity in their houses to repay their personal debts.
Amidst calls by the banks for greater regulation of debt management firms, the chief executive of Debts.co.uk said that his firm welcomes the recent calls to increase the current levels of regulation in the IVA market and would ensure that best practice advice continues to be offered to the customers.
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