Home > News > Bankruptcy

Debt in Swindon `on the rise` New debt management option "a positive step" Consumers `should get advice over IVAs, bankruptcies and DROs` Women `less likely to file for bankruptcy` Councils `filing for bankruptcy for those who fail to pay tax` Consumers lying about finances Rise in bankruptcies revealed Scottish bankruptcies on the rise, new figures suggest Borrowers `accruing more debt before seeking IVAs` Bankruptcies `high in south-west` Landlord bankruptcy enquiries `on the up` Increase in bankruptcy figures for another CAB Bankruptcy "best option" for some households 90% "choosing to `jump before they were pushed`" R3: Bankruptcies and IVAs to rise over next 12 months Insolvencies rise for automotive companies Fuel price hike sparks bankruptcy fears London bankruptcies have "quadrupled" Government department identifies fall in bankruptcy levels Insolvency figures `hide true extent of debt problems`

90% "choosing to `jump before they were pushed`"

18/08/2008

Insolvency figures released by the Ministry of Justice may have caused concern in cities throughout the country.

Plymouth newspaper the Herald has reported a rise in the number of people declaring themselves bankrupt to above the national average, according to local firm KPMG citing ministry statistics.

Compared with the first quarter of this year, bankruptcy levels have risen 15 per cent in the city. Furthermore, the company said the number of people applying for their own bankruptcy has increased to above the national figures.

Across England and Wales, the second quarter of 2008 saw a four per cent rise in those declaring themselves bankrupt, to 13,754, while 9,410 agreed an individual voluntary arrangement – an increase of seven per cent on the previous quarter.

Director of personal insolvency for KPMG in Plymouth, John Bangham, commented to the newspaper: "This proportion of people choosing to `jump before they were pushed` represents an incredible 90 per cent of all personal insolvencies."

He added that increased mortgage repayments and rises in food and energy prices are putting pressure on consumers.

The city is currently enjoying the Plymouth Summer Festival.
---

Related resources:

• IVA
• Debt Management
• Debt Consolidation Loans
• Debt Advice

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according