According to its own data, TDX said the average level of unsecured debt included in an IVA fell from £48,115 in 2008 to £23,879 in 2016 a drop of more than £24,000.
TDX said this decrease could be due to lower levels of unsecured lending after the credit crunch in 2008, which could reflect retail banks only lending to consumers with a low-risk profile.
The research is based on data of British consumers in Britain from The Insolvency Exchange (TIX), the personal insolvency platform managed by TDX Group.
The study also found the number of unemployed people with IVAs had more than tripled since 2008.
Another increase was in the proportion of benefits received by individuals with an IVA; this has increased from 10 percent to 25…
Read the full article at: https://www.creditstrategy.co.uk/news/unsecured-debt-levels-in-ivas-drop-nearly-25000-1463