The UK Insolvency Helpline has reported a significant increase in the number of people applying for Individual Voluntary Agreements (IVA).

Over the last ten years many people seeking an IVA have been rejected as rising house prices meant they had too much equity in their properties.

This forced many to seek other forms of help, through re-mortgages and unregulated debt plans.

Statistics show 607 people applied for an IVA, with 301 being accepted while in April this year 623 of 667 were accepted.

Richard Sorsky, National Money Advice co-ordinator, described the rejections as being like a cancer patient being refused chemotherapy on the grounds they were not ill enough.

"Over the past two to three years we had to offer alternative solutions to applicants who would have been perfect candidates for IVAs if only their homes were valued at a lower figure," he said.

The UK Debt Help and Insolvency Helpline offers financial advice to individuals and businesses with monetary problems.


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