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| Debt Management offers a way out for debt laden UK |
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| Written by Phillip Evans |
| Monday, 02 February 2009 10:31 |
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A report out from the UK Insurer AXA suggests the UK public is drowning in debt with 11.6 million people (25 per cent of the adult population) saying are under pressure financially with a momentous number, around one million three hundred thousand people, admitting their finances are entirely unmanageable. AXA reported that mounting credit card bills are now putting just close to 3.8 million people under intense financial pressure and a further one million of UK borrowers are now struggling to keep up their repayments. 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 Registry Trust, the public interest company which manages the register of judgements published within England and Wales; stated that CCJs rose by 17.4 per cent year on year to 223,519, their highest level since the first quarter of 2007. This is 25 per cent increase from the second half 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 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. A simplified version of the IVA, for consumers with debts up to 75,000 and that would only require approval by a simple majority of creditors rather than the 75 per cent majority under normal IVAs, was due to be introduced in 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. About the Author: The Finance Expert, Enable Finance Ltd offer a FREE private and confidential debt management help to ensure our customers don't sink in debt. For our Corporate clients Enable Finance has a dedicated corporate recovery unit if your business is facing debt problems. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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