"There is no point at which you can say, "Well, I'm successful now. I might as well take a nap.""Carrie Fisher
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Do It Yourself Debt Relief
With mounting bills and unforeseen hardships, you may be considering some form of debt relief. There are many options to help you, but the best may actually be you helping yourself. Here are some suggestions for starting debt relief and becoming more ...
Student Loan Debt
This article provides useful, detailed information about Student Loan Debt. Student loans are financial aids taken for the purpose of education. They have to be repaid with interest once graduation is completed, and the repayment schedule ...
Unsecured Debt Consolidation - Tips For Getting A No-collateral Loan
Getting an unsecured debt consolidation is not easy, but possible. For the most part, banks and other financial institutions are hesitant to loan money that is not secured by a piece of property. If you were to default on the loan, the lender is unable to ...
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According to recently released government statistics, person insolvencies in England and Wales have hit a new high, up by nearly 50% on this time last year.
The figures, published by the UK's Department of Trade and Industry (DTI), recorded 17,562 cases of personal insolvency, for the third quarter of 2005, which included over 12,000 bankruptcies. This represents an increase in every successive quarter in the last seven.
Although the DTI didn't report directly on the causes of the rise, some insolvency experts believe that the rise can be explained by higher levels of debt in society as a whole, and people's attempts to deal with a growing debt problem.
IVA 's (Individual Voluntary Arrangements)
Most of the rise in individual insolvencies has been caused by people seeking IVA's, a voluntary procedure increasingly taken as an alternative to bankruptcy where borrowers reach an agreement with their creditors to pay a monthly sum and a large amount of debt is written off. At the same time, further interest and charges are not added to the total amount owed.
The number of IVA's has nearly doubled in the last 12 months, with 5,500 people using this method to resolve their debt problems in the last 3 months.
Changes in the Bankruptcy Law
Recent changes to bankruptcy law in England and Wales, the Enterprise Act (2002), came into affect last year, where people no longer had to wait 3 years to be discharged after they were declared bankrupt. After April 2004, this period was reduced to just 12 months, and many commentators feel that this has encouraged more people to come forward and seek bankruptcy as a means to solve their debt problems.
Many analysts expect the number of personal insolvencies to keep rising into 2006, as unemployment levels increase.
The DTI statistics for the third quarter of 2005 are available from their website: http://www.dtistats.net/sd/insolv/
About the author:
Debtsolver is a UK company providing resources and information on Debt Management UK, Debt Consolidation UK, Debt Problems UK and IVA & Debt Advice
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