The number of personal insolvency declarations reached an all time peak in 2010. The Insolvency Service reveals that there were 135,089 separate cases of people declaring themselves insolvent last year. This is the highest figure since the beginning of such records, dating back to 1960. The figure refers to insolvencies in England and Wales. Although [...]
Posts under ‘Bankruptcy’
IVAs – What are the Alternatives?
As a solution to debt Individual Voluntary Arrangements (IVAs) are a good option for many people. However IVAs are only suitable in a fairly narrow set of circumstances and so if you are having financial troubles then there is a good chance that you will need to consider an alternative solution. If you are struggling [...]
Personal Insolvency Cases Drop 3 Percent
The number of people declaring insolvency in England and Wales has dropped for the first time since 2007. In the second quarter of this year (April-June) there were 34,743 personal insolvencies, a drop of 3% on the first quarter of 2010. However with insolvencies reaching a record high at the start of this year it [...]
Bankruptcy Risk Highest in the North East
Latest figures have shown that you are more likely to be declared bankrupt or enter into an IVA if you live in the North East than anywhere else in England and Wales. Insolvency trade body, R3 recently published a ‘bankruptcy map’ revealing the regions that have seen the highest proportion of new personal insolvency cases. [...]
Bankrupts ‘Need Bank Accounts’
People who have been made bankrupt are being treated unfairly by UK banks and building societies. This is the opinion of Citizens Advice who claim that many banks will not allow bankrupt individuals to open even a basic account. Of 17 banks and building societies contacted by Citizens Advice only two would allow an undischarged [...]
Solving Debt Problems – What are your options?
With latest statistics showing average household debt in the UK reaching as high as £8,716 (excluding mortgages) it is perhaps of no surprise that more and more people are facing up to financial difiiculties. Currently rates show that someone will be declared insolvent or bankrupt every 51 seconds! Fortunately if you are having trouble keeping [...]