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Thursday, January 8, 2009
Are we in the UK drowning in Debt? According to the insurer AXA, some 11.6 million people (25 per cent of the adult population) are said to be struggling financially with a significant number, around 1.3 million people, admitting their finances are entirely out of control.
The insurer goes on to say that over a million UK residents have borrowed too much credit and are now struggling to keep up their repayments, with less than 4 million struggling to manage their credit card bills.
Half a million home owners have been threatened with a bailiff or eviction and personal county court judgements CCJs has increased in quarter 3 to their highest level since the start of 2007
The public interest Company that manages the register of judgements on behalf of the Lord Chancellor has reported that within England and Wales County Court Judgements rose by 17.4 per cent year on year to 223,519, its highest level since the beginning of 2007 and from the second quarter of 2008 this is a 25 per cent increase.
Personal Insolvencies within England and Wales rose to just of twenty seven thousand in quarter 3 of 2008 which represents an 8.8 percent increase from just less that 25,000 in the previous quarter.
17,341 people went bankrupt, which has shot up 12.1 per cent from 15,463 in the second quarter of the year, and 9,746 individual voluntary arrangements (IVAs), which is up 3.3 per cent from the three months before.
The credit crunch could be blamed for the increase in corporate and personal insolvency throughout 2008, however, its patently obvious that further failures are going to be compounded by the recession throughout 2009.
It was hoped that the planned Simplified Individual Voluntary Arrangement (SIVA) that had been planned to be implemented early next year would offer some way out, however this has been abandoned by the Insolvency Service.
Where an IVA needed 75 per cent of creditors to accept the proposal for insolvency a Simplified IVA or SIVA only required that a majority accept the terms. The SIVA was intended to be launched next year with a creditor cap of 75,000.
For the time being the options available to the equity challenged British public who are struggling with debt and are not wishing to go bankrupt is either seeking debt management advice or some form or individual insolvency arrangement.
The insurer goes on to say that over a million UK residents have borrowed too much credit and are now struggling to keep up their repayments, with less than 4 million struggling to manage their credit card bills.
Half a million home owners have been threatened with a bailiff or eviction and personal county court judgements CCJs has increased in quarter 3 to their highest level since the start of 2007
The public interest Company that manages the register of judgements on behalf of the Lord Chancellor has reported that within England and Wales County Court Judgements rose by 17.4 per cent year on year to 223,519, its highest level since the beginning of 2007 and from the second quarter of 2008 this is a 25 per cent increase.
Personal Insolvencies within England and Wales rose to just of twenty seven thousand in quarter 3 of 2008 which represents an 8.8 percent increase from just less that 25,000 in the previous quarter.
17,341 people went bankrupt, which has shot up 12.1 per cent from 15,463 in the second quarter of the year, and 9,746 individual voluntary arrangements (IVAs), which is up 3.3 per cent from the three months before.
The credit crunch could be blamed for the increase in corporate and personal insolvency throughout 2008, however, its patently obvious that further failures are going to be compounded by the recession throughout 2009.
It was hoped that the planned Simplified Individual Voluntary Arrangement (SIVA) that had been planned to be implemented early next year would offer some way out, however this has been abandoned by the Insolvency Service.
Where an IVA needed 75 per cent of creditors to accept the proposal for insolvency a Simplified IVA or SIVA only required that a majority accept the terms. The SIVA was intended to be launched next year with a creditor cap of 75,000.
For the time being the options available to the equity challenged British public who are struggling with debt and are not wishing to go bankrupt is either seeking debt management advice or some form or individual insolvency arrangement.
About the Author:
The Finance Expert, Enable Finance Ltd provide a FREE impartial and confidential debt management advice service to ensure our customers don't drown in debt. For our Corporate clients Enable Finance has a dedicated corporate recovery unit if your business is facing debt problems.
posted by Credit Counseling at
6:46 PM
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