Wednesday 25th of March 2009
Personal insolvency levels are soaring in the Midlands region, an expert has noted.
Philip Barnsley, a solicitor at Higgs & Sons, told the Birmingham Post that bankruptcy instructions have more than doubled this year as debt problems mount.
With negative equity one of the factors said to be contributing to this, those worried that they are going down a similar path may wish to seek IVA advice in order to assess their options.
Mr Barnsley urged anyone who is struggling to tackle the situation early, as negative equity is becoming "a reality" for many.
"Falling house prices, the general downturn and the associated increases in unemployment are starting to have an impact," he was quoted as saying.
Consumer campaign group Which? recently called for a ban on mortgages that offer more than 100 per cent of a property’s value, arguing that these heighten the risk of going into negative equity.
