Home > News > Bankruptcy

Debt in Swindon `on the rise` New debt management option "a positive step" Consumers `should get advice over IVAs, bankruptcies and DROs` Women `less likely to file for bankruptcy` Councils `filing for bankruptcy for those who fail to pay tax` Consumers lying about finances Rise in bankruptcies revealed Scottish bankruptcies on the rise, new figures suggest Borrowers `accruing more debt before seeking IVAs` Bankruptcies `high in south-west` Landlord bankruptcy enquiries `on the up` Increase in bankruptcy figures for another CAB Bankruptcy "best option" for some households 90% "choosing to `jump before they were pushed`" R3: Bankruptcies and IVAs to rise over next 12 months Insolvencies rise for automotive companies Fuel price hike sparks bankruptcy fears London bankruptcies have "quadrupled" Government department identifies fall in bankruptcy levels Insolvency figures `hide true extent of debt problems`

Bankruptcy rates `soar` in Wales

12/03/2008

Wales has seen a large rise in the amount of people declaring bankruptcy over the past few years, new figures have revealed.

According to statistics from the Insolvency Service, there were 2,800 applications for bankruptcy in 2006 - a 156 per cent increase on 2000.

Rising debt problems, combined with easy access to credit, also saw applications for Individual Voluntary Arrangements (IVAs) rise by 400 per cent between 2000 and 2006, with a 146 per cent rise between 2005 and 2006, News Wales reports.

Jenny Willott, Liberal Democrat MP for Cardiff Central, told the news provider: "A big problem fuelling the rise in personal debt is the low level of financial literacy and understanding of how best to manage personal finances.

"This leaves many people vulnerable to exploitation by credit and loan companies and unable to manage their debt effectively."

The Insolvency Service also revealed that 106,645 people applied for bankruptcy and IVAs throughout the UK in 2007.

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in