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Ireland has been struggling economically for many years now. The recession has hit the UK badly but it is Northern Ireland that is taking the worst of the financial flak. IVAs (Individual Voluntary Arrangements) are on the rise across the land, in Northern Ireland; they are at the highest level they have ever been. In the past quarter the number of IVAs in Northern Ireland has increased by a whopping 26%.

When you look at the number of IVAs in N. Ireland over the years you will see that the situation has been escalating for some time now. In the 2nd quarter of 2001 there were just 49 IVAs started. Fast forward ten years and there were 301 IVAs opened in the 2nd quarter of 2011. This is alarming news for the economy.

It is not just IVAs which are on the rise in Northern Ireland. Other debt management solutions are also increasing and the numbers of people filing for bankruptcy has also consistently growing. In actual fact, IVAs and bankruptcies are both at an unprecedented high in Northern Ireland and there is no sign that they will be slowing down any time in the near future. 451 people filed for bankruptcy in the first financial quarter of 2011, and this number was repeated in the second financial quarter of this year.

Logically, and sadly predictably, personal insolvencies have followed the number of IVAs and bankruptcies have boomed. In this year's second quarter over 750 people were declared insolvent in Northern Ireland alone.

Perhaps scarier than any news about IVAs and bankruptcies is the fact that, compared to the levels in 2002, the number of insolvencies in 2011 has risen by around 40%. That's a 40% rise in insolvencies in less than a decade.

The economic crisis and the recession have increased the number of IVAs substantially across the UK, but Northern Ireland is right at the sharp end of the kingdom's financial issues. Serious levels of unemployment are the most publicised reason for Northern Ireland's thousands of IVAs, yet there a whole raft of interdependent issues which have created something of a perfect financial storm, forcing hundreds and hundreds of Northern Irish into uncontrollable debt.

To find out more about Individual Voluntary Arrangements and how IVAs can help people suffering with financial problems and unfeasible debts, there are loads of great online debt management resources available to help you.

One of the most comprehensive resources is http://www.iva-service.co.uk. Their website is full of great, helpful information and everything you need to know about IVAs. Visit the website now or call their helpline manned by professionally-qualified debt advisors on 02920 346 536 now.

By Andrew Liberty
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