One of the UK’s largest debt charities has recently revealed that rising numbers of new IVA cases may not necessarily stem from an increasingly severe consumer debt problem.

The DAB suggests that although consumer debt is obviously fuelling the number of new IVA cases, the fact that consumers are only just beginning to familiarise themselves with the process, is the primary reason for its rapid growth.

A spokesperson for the charity commented that widespread promotion of the IVA has brought a great number of consumers out of the woodwork, and away from the possible prospect of Bankruptcy. Also, in spite of a recent spate of media condemnation with regards to the procedure, in many cases, it is a viable and even necessary process.

In other news, one of the UK’s largest accountancy firms has announced that 2007 will mark a record year for the number of people entering into an IVA agreement, with the total number of new cases expected to exceed the 40,000 mark by Q4.