A leading IVA specialist has reported a surge in the number of people applying for personal insolvency in the wake of overspending at Christmas.
W3 Debt Solutions, recorded a 58% rise in applications for IVAs in December 2006 from the same period the previous year - and all of the indications are that the number of claims will continue to increase throughout 2007.
The company say the rise in IVAs comes depsite a hardening in attitude by lenders such as credit card companies and banks in the last three or four months.