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| Version 4 | Version 5 |
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| Number going bust in slight fall | Number going bust in slight fall |
| (30 minutes later) | |
| The number of people becoming insolvent in England and Wales has shown a surprising fall, official figures show. | The number of people becoming insolvent in England and Wales has shown a surprising fall, official figures show. |
| Between April to June 26,956 people became insolvent, this is a decrease of 8.1% on the previous quarter but a rise of 4.2% on the same period last year. | Between April to June 26,956 people became insolvent, this is a decrease of 8.1% on the previous quarter but a rise of 4.2% on the same period last year. |
| Experts say the fall maybe due to lenders becoming less keen to accept Individual Voluntary Arrangements (IVAs), a type of insolvency. | Experts say the fall maybe due to lenders becoming less keen to accept Individual Voluntary Arrangements (IVAs), a type of insolvency. |
| In total, the number of IVAs fell 15% between the first and second quarters. | In total, the number of IVAs fell 15% between the first and second quarters. |
| Into reverse | Into reverse |
| Over the past year, a huge increase in individual voluntary arrangements or IVAs, a type of insolvency, has boosted the figures but this has now gone into reverse as lenders become more reluctant to accept them. | Over the past year, a huge increase in individual voluntary arrangements or IVAs, a type of insolvency, has boosted the figures but this has now gone into reverse as lenders become more reluctant to accept them. |
| "Lenders have hardened their attitude to IVAs," Pat Boyden, an insolvency specialist at PriceWaterhouseCoopers told BBC News. | |
| "In recent times lenders have been suspicious that some IVA providers, through high profile advertising, have been encouraging people to enter into IVAs who need not do. | "In recent times lenders have been suspicious that some IVA providers, through high profile advertising, have been encouraging people to enter into IVAs who need not do. |
| "However IVAs serve a purpose, they ensure that the lender gets around 25 pence in the pound of the money owed back - compared to a few pence in the pound in bankruptcy," Mr Boyden added. | "However IVAs serve a purpose, they ensure that the lender gets around 25 pence in the pound of the money owed back - compared to a few pence in the pound in bankruptcy," Mr Boyden added. |