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.
Individuals entering into insolvency within the borders of England and Wales are on the up by nearly 9 per cent or just over twenty seven thousand in the 3rd part of 2008 compared with the previous quarter.
Bankruptcies and Individual Voluntary Arrangements (IVAs) have increased 12 and 3 percent respectively.
The treacherous economic conditions for people and business has created a rise in corporate and personal insolvency and the worsening economy is making the prospect of a further rise in insolvency further predictable through 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. - 15790
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.
Individuals entering into insolvency within the borders of England and Wales are on the up by nearly 9 per cent or just over twenty seven thousand in the 3rd part of 2008 compared with the previous quarter.
Bankruptcies and Individual Voluntary Arrangements (IVAs) have increased 12 and 3 percent respectively.
The treacherous economic conditions for people and business has created a rise in corporate and personal insolvency and the worsening economy is making the prospect of a further rise in insolvency further predictable through 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. - 15790
About the Author:
Enable Finance Ltd provide a FREE private and confidential debt management advice service to ensure our customers don't drown in debt. For our Business clients Enable Finance has a dedicated business recovery unit if your business is facing debt problems.