For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
More insolvency predicted in 2008
There could be many as 104,000 insolvency "casualties" during 2008, according to price comparison site uSwitch.com.
Already, 292 people are declaring themselves bankrupt or insolvent everyday, with 74 homes being repossessed on a daily basis.
In the first three months of 2008, there was a 1.7 per cent increase in individual insolvencies when compared with the last three months of 2007. Those in financial difficulty may be able to benefit from a debt consolidation loan.
Ann Robinson, director of consumer policy at uSwitch.com, said: "It's worrying that so many people are resorting to individual insolvencies ... to resolve their personal debt problems.
"These measure should always be the last resort for anyone with financial problems," she said, as they have a very "serious impact" on people's credit histories and their ability to take out loans in the future.
Declaring bankruptcy could also have a negative impact on employment prospects, she added.
According to a new report by the Insolvency Service, individual insolvencies in England and Wales climbed to 25,264 in the first quarter of the year.