According to a recent poll, the vast proportion of indebted UK citizens would apply serious thought to the use of an Individual Voluntary Arrangement (IVA), as a means to tackle their debt predicament.

Based on statistics compiled by the government’s consumer insolvency agency, more than 55% of all indebted adults would gladly consider the option of an IVA, if they felt and/or were advised that the use of such a tool would be beneficial.

In addition, more than 15% of those surveyed stated that the IVA is a genuinely useful tool for people in serious financial trouble, and that more should be done to increase consumer awareness of the procedure.

The latter statement is further supported in the discovery that less than 20% of people aged between 20-30 are aware of the term IVA, yet alone the implications of its use. However, around 15% of the populous feel that the very presence of the IVA encourages consumers to artificially increase their debt levels, safe in the knowledge that they are able to write off the lions share at a later date.