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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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Wales is experiencing a huge rise in personal insolvency, it has been reported.

The Insolvency Service has released figures which show there has been a 400 per cent increase since 2000 in the number of people turning to bankruptcy and individual voluntary arrangements (IVAs) to escape debt.

Jenny Willott, Welsh Liberal Democrat MP for Cardiff Central, told local current affairs sources News Wales that the figures show the "personal debt time-bomb" is beginning to detonate.

"Credit card debt is soaring, repossessions are rising and now we see a huge jump in the number of people in Wales going into bankruptcy or turning to IVAs," she added.

IVAs were created by the government to provide an alternative to bankruptcy and are an informal agreement made through a county court.

The debtor makes an affordable monthly payment for a fixed period – often five years – and at the end of that time, the remaining sum can be written off.

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