Tuesday 4th of January 2011
With the rising levels of personal insolvencies in Britain, an increasing number of people may wish to ask individual voluntary arrangement questions to help their finances stay afloat.
The Insolvency Service has found the amount of individuals in this situation remains high, despite a recent decline following a steady upward trend over the last decade.
It was discovered the number of UK adults entering such proceedings is still fairly substantial, with British pensioners being the group most prone to bankruptcy having seen the number of people in this age bracket facing the problem increasing six times in a decade.
Chief executive of the organisation Stephen Speed advised: "Review your personal finances frequently and make sure you are not taking on debt that you can't afford to repay."
Recent research carried out by moneysupermarket.com showed more than 17 million people in Britain worry about their financial predicament every day, with many considering it the most stressful aspect of their life.
By Rachel Powell
- 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
- People in 20s and 30s 'will struggle financially'
