Friday 4th of February 2011
An increasing number of people in Britain may soon begin to seek individual voluntary arrangement answers as a way to improve their monetary situation, as new research has found many adults are currently in financial turmoil.
The Consumer Credit Counselling Service (CCCS) has warned that the rise in the number of personal insolvencies seen in the UK across 2010 is likely to continue throughout this year.
Speaking in response to figures released by the Insolvency Service, which showed there were 135,089 individual insolvencies in England and Wales last year, the debt charity noted a number of pressures on household budgets will force many people into a position of financial instability.
These factors include the recent VAT rise, increasing inflation, overtime bans and wage freezes, the body warned.
The statistics follow the latest Credit Action debt figures, which showed total UK personal debt at the end of 2010 reached £1,425 billion.
By Hayley Jones
- Alternatives to bankruptcy available, expert notes
- Bankruptcy 'should be a last resort' to tackle debt management issues
- Bankruptcy 'has improved attitude towards debt'
- Insolvency levels rising, figures show
- Negative equity leading to bankruptcy increase, says expert
- Middle-aged women 'more likely to go bankrupt'
