25 per cent of the UK adult population are saying their financially out of control with a major number, around one million three hundred thousand people, admitting their finances are entirely unmanageable, a report by the insurer AXA says.
The report suggests that over 3.7 million people are reported to be struggling to cope with mounting credit card bills and just over a million people have borrowed too much money and are now struggling to keep up their repayments.
500,000 people have been threatened with the bailiffs or repossession and consumer county court judgements (CCJs) has reached their highest level since the start of 2007's third quarter.
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.
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 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
For consumers with debts up to 75,000 a SIVA, being the simplified IVA and would have only required that a simple majority of your creditors to accept the proposal for insolvency, was planned for April 2009.
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. - 15790
The report suggests that over 3.7 million people are reported to be struggling to cope with mounting credit card bills and just over a million people have borrowed too much money and are now struggling to keep up their repayments.
500,000 people have been threatened with the bailiffs or repossession and consumer county court judgements (CCJs) has reached their highest level since the start of 2007's third quarter.
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.
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 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
For consumers with debts up to 75,000 a SIVA, being the simplified IVA and would have only required that a simple majority of your creditors to accept the proposal for insolvency, was planned for April 2009.
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. - 15790
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