Please turn on JavaScript. Media requires JavaScript to play.
Bev Budsworth, The Debt Advisor: "The private sector needs to help charities" Continue reading the main story Your Debts Moving to a cheaper credit card Ask the expert: Christmas debts Dealing with debts: Do not delay Celebrity and the threat of bankruptcy A record number of people were declared insolvent in England and Wales in 2010 although the number of new cases fell in the last three months of the year.There were 135,089 people declared insolvent last year, the Insolvency Service said, up 0.7% on 2009 and the highest since records began in 1960.
However, there was a 13.6% drop in the last quarter of the year compared with the same period in 2009.
There was also a 23% fall in the number of companies going bust in 2010.
Debt problemsThe record number of personal insolvencies for the whole of 2010, which was double the number in 2005, came despite a drop in the final quarter of the year when 30,729 individuals were declared insolvent.
Experts suggested this fall at the end of the year was the result of fewer people being able to attend court proceedings owing to the weather, a more sympathetic attitude from lenders, and people putting off insolvency until the new year.
Insolvencies throughout 2010 were driven by a 6.5% rise in Individual Voluntary Arrangements (IVAs) - which allow an official deal to be struck between the debtor and creditors - to 50,716.
Continue reading the main storyForms of insolvency Bankruptcy: The traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets including your house to pay something to the creditors Individual voluntary arrangement (IVA): A deal between you and your creditors, overseen by an insolvency practitioner. Less stigma, less chance of losing your home, but involves paying some of your debts in one go or over a number of years Debt Relief Orders: Introduced in April 2009, these allow consumers with debts of less than
No comments:
Post a Comment