A report out from the UK Insurer AXA suggests the UK public is drowning in debt with 11.6 million people (25 per cent of the adult population) saying are under pressure financially with a momentous number, around one million three hundred thousand people, admitting their finances are entirely unmanageable.
AXA reported that mounting credit card bills are now putting just close to 3.8 million people under intense financial pressure and a further one million of UK borrowers are now struggling to keep up their repayments.
County Court Judgements CCJ's issued to the personal consumer has increased to their highest level since the beginning of 2007 and half a million home owners with mortgages where threatened with repossession or court action.
The public interest Company that manages the register of judgements on behalf of the Lord Chancellor has reported that within England and Wales County Court Judgements rose by 17.4 per cent year on year to 223,519, its highest level since the beginning of 2007 and from the second quarter of 2008 this is a 25 per cent increase.
Individuals entering into insolvency within the borders of England and Wales are on the up by nearly 9 per cent or just over twenty seven thousand in the 3rd part of 2008 compared with the previous quarter.
Bankruptcies and Individual Voluntary Arrangements (IVAs) have increased 12 and 3 percent respectively.
The treacherous economic conditions for people and business has created a rise in corporate and personal insolvency and the worsening economy is making the prospect of a further rise in insolvency further predictable through 2009.
Unfortunately the planned Simplified Individual Voluntary Arrangement SIVA, due out next year has been abandoned by the Insolvency Service
A simplified version of the IVA, for consumers with debts up to 75,000 and that would only require approval by a simple majority of creditors rather than the 75 per cent majority under normal IVAs, was due to be introduced in April 2009.
For the time being the options available to the equity challenged British public who are struggling with debt and are not wishing to go bankrupt is either seeking debt management advice or some form or individual insolvency arrangement.
AXA reported that mounting credit card bills are now putting just close to 3.8 million people under intense financial pressure and a further one million of UK borrowers are now struggling to keep up their repayments.
County Court Judgements CCJ's issued to the personal consumer has increased to their highest level since the beginning of 2007 and half a million home owners with mortgages where threatened with repossession or court action.
The public interest Company that manages the register of judgements on behalf of the Lord Chancellor has reported that within England and Wales County Court Judgements rose by 17.4 per cent year on year to 223,519, its highest level since the beginning of 2007 and from the second quarter of 2008 this is a 25 per cent increase.
Individuals entering into insolvency within the borders of England and Wales are on the up by nearly 9 per cent or just over twenty seven thousand in the 3rd part of 2008 compared with the previous quarter.
Bankruptcies and Individual Voluntary Arrangements (IVAs) have increased 12 and 3 percent respectively.
The treacherous economic conditions for people and business has created a rise in corporate and personal insolvency and the worsening economy is making the prospect of a further rise in insolvency further predictable through 2009.
Unfortunately the planned Simplified Individual Voluntary Arrangement SIVA, due out next year has been abandoned by the Insolvency Service
A simplified version of the IVA, for consumers with debts up to 75,000 and that would only require approval by a simple majority of creditors rather than the 75 per cent majority under normal IVAs, was due to be introduced in April 2009.
For the time being the options available to the equity challenged British public who are struggling with debt and are not wishing to go bankrupt is either seeking debt management advice or some form or individual insolvency arrangement.
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Enable Finance Ltd offer a FREE impartial and confidential debt management help to ensure our customers don't sink in debt. For our Business clients Enable Finance has a dedicated corporate recovery unit if your Company has cash flow or insolvency issues.
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