Home > News > IVAs

Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy

Bankruptcy increases by 7%

17/11/2008

The number of consumers in England and Wales facing bankruptcy increased by seven per cent during the third quarter of this year, it has emerged.

According to Ministry of Justice figures, a total of 13,653 petitioned for bankruptcy in the three months ending in September.

This is identified as the second-highest number recorded by the ministry since 1995.

Commenting on the figures, Howard Archer, chief UK and European economist at Global Insight, said: "Individual bankruptcies are poised to surge over the coming months in the face of recession, faster rising unemployment, higher debt levels, very tight credit conditions and more and more people being trapped in negative equity."

Meanwhile, the Insolvency Service recently released statistics which indicated that 9,746 people entered into Individual Voluntary Arrangements (IVA) across the UK during the last quarter, while the debt possessed by consumers was identified as having reached almost £1.5 trillion by the end of September.

Over 50s can`t afford to enjoy retirement because of debts 01/07/2010 - According to a study by Saga Equity Release, 17% of Budget: tackling the nation`s debt 22/06/2010 - Today, we can expect the details of the `toughest package Short-term debt: `no need for price control` 18/06/2010 - The Office of Fair Trading (OFT) has decided not to The cost of clearing debt 10/06/2010 - Figuring out the cost of clearing debt can be tricky,