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`

Rise in bankruptcies revealed

10/11/2008

There has been an increase in the number of consumers in the UK who are going bankrupt, it has been found.

Figures produced by Insolvency Service and cited by uSwitch suggest that such occurrences increased by 12 per cent in the third quarter of this year compared to the second, with 17,341 bankruptcies reported in the three months ending in September.

According to the service, almost 64,000 consumers have gone bankrupt over the past year.

It also revealed that 9,746 people entered into individual voluntary arrangements (IVAs) over the three-month period, while consumer debt has now reached almost £1.5 trillion.

Louise Bond, personal finance manager at uSwitch.com, said: "It`s worrying that so many people are resorting to individual insolvencies, be it an IVA or bankruptcy, to resolve their personal debt problems."

She added that this should be seen as a "last resort" as it has a serious impact on people`s credit histories.

An increase in bankruptcies and IVAs had been anticipated by Mark Sands, director of personal insolvency at KPMG, who said that the figures would reflect rising unemployment and a tightening of credit conditions.

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