IVA’s on the rise

Statistics released recentley say that the amount of IVA’s has doubled in the last six months of 2009 compared to the same six months in 2008.

The company in question gained the benefits of the UK lending frenzy in recent years and the down fall of the economy.

The company doubled on the £1,9 million made at the same stage last year. The massive uptake in IVA business the company had predicted for the period to be even more. And the company are expected to make around £10 million for the full year of IVA business.

The share holder however did expected even faster growth and were disappointed in these statistics and the shares did fall around 6%.

The share price for the company did rise by 2000% over the past few years with the amount of people in financial dire straits went through the roof.

An IVA is a debt solution which allows the people to pay back a smaller amount of their debt each month with creditors freezing interest and charges.

Stats from the Insolvency Service said 20,293 people in the UK took out an IVAs in 2005 and over the same amount took an IVA in the first half of 2006.

The number of IVA’s taken out in the past two years has soared making it a very happy time for the investors of the company in question.

The company appointed an average of over 500 IVAs a month between May and October - a massive rise of over 100% on the same time period as last year. In August they did 607 and less in between May and July due to an office more.

I spokesman from the company said “the growth means that we view the next stage of our development with both confidence and excitement“.

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