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.
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
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 sharp rise in corporate and individual insolvencies merely reflects the treacherous economic conditions people and businesses continue to face through this deteriorating recessionary backdrop; making an even sharper rise in both business and personal insolvencies look inevitable in the coming quarters of 2009.
It was hoped that the SIVA, planned for release in early 2009 would help with some of the debt burden, however, the Insolvency Service has just abandoned the concept.
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.
UK Home Owners unable to consolidate their debts using equity and are not wishing to go bankrupt have for the time being limited options between an IVA and a Debt Management Program.
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
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 sharp rise in corporate and individual insolvencies merely reflects the treacherous economic conditions people and businesses continue to face through this deteriorating recessionary backdrop; making an even sharper rise in both business and personal insolvencies look inevitable in the coming quarters of 2009.
It was hoped that the SIVA, planned for release in early 2009 would help with some of the debt burden, however, the Insolvency Service has just abandoned the concept.
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.
UK Home Owners unable to consolidate their debts using equity and are not wishing to go bankrupt have for the time being limited options between an IVA and a Debt Management Program.
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The Finance Expert, Enable Finance Ltd provide a FREE private and confidential debt management advice service to ensure our customers don't drown in debt. For our Corporate clients Enable Finance has a dedicated corporate recovery unit if your Company has cash flow or insolvency issues.
