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`

`Tough year` ahead for consumers

21/12/2007

The next 12 months are likely to be an "extremely tough year" for borrowers, with a number of consumers likely to be pushed towards the brink of bankruptcy, according to a financial expert.

With a high number of homeowners finishing their fixed-rate mortgage deals during 2008, a number may need to seek professional debt advice to see through the year, the Repossessions Advice Centre (RAC) claimed.

The effects of the recent credit crunch and an uncertain housing market could harm many consumers throughout 2008, with repossessions and applications for bankruptcy likely to raise as a result, Paul Fletcher, director of the RAC, said.

Mr Fletcher added: "I think it`s going to be an extremely tough year and I certainly think we`ll see quite a large increase in repossessions over that period of time."

According to the Council of Mortgage Lenders, there were 14,000 home repossessions in the first half of 2007.

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