Debt Management offers a way out for debt laden UK
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
In England and Wales CCJs rose by 17.4 per cent year on year to 223,519, their highest level since the first quarter of 2007, according to figures published by the Registry Trust, the public interest company which manages the register of judgements, orders and fines on behalf of the Lord Chancellor. This represents an increase of 24.8 per cent from the second quarter of 2008.
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.
Bankruptcies and Individual Voluntary Arrangements (IVAs) have increased 12 and 3 percent respectively.
The sharp rise in corporate and individual insolvencies merely reflects the treacherous economic conditions people and businesses continue to face through this deteriorating recessionary backdrop; making an even sharper rise in both business and personal insolvencies look inevitable in the coming quarters of 2009.
Unfortunately the planned Simplified Individual Voluntary Arrangement SIVA, due out next year 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.
The British borrower drowning in debt not wishing to go bankrupt really should consider both the individual voluntary arrangement or a more informal debt management program to help get your debt problems under 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
In England and Wales CCJs rose by 17.4 per cent year on year to 223,519, their highest level since the first quarter of 2007, according to figures published by the Registry Trust, the public interest company which manages the register of judgements, orders and fines on behalf of the Lord Chancellor. This represents an increase of 24.8 per cent from the second quarter of 2008.
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.
Bankruptcies and Individual Voluntary Arrangements (IVAs) have increased 12 and 3 percent respectively.
The sharp rise in corporate and individual insolvencies merely reflects the treacherous economic conditions people and businesses continue to face through this deteriorating recessionary backdrop; making an even sharper rise in both business and personal insolvencies look inevitable in the coming quarters of 2009.
Unfortunately the planned Simplified Individual Voluntary Arrangement SIVA, due out next year 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.
The British borrower drowning in debt not wishing to go bankrupt really should consider both the individual voluntary arrangement or a more informal debt management program to help get your debt problems under control.
About the Author:
The Finance Expert, Enable Finance Ltd provide a FREE private and confidential debt management advice service to ensure our customers don't sink in debt. For our Corporate clients Enable Finance has a dedicated business recovery unit if your Company has cash flow or insolvency issues.
posted by Debt Consolidation Loan at
7:38 AM
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