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Debt: 2008 insolvencies top 100,000

10/02/2009

Last year, over 100,000 people were declared insolvent in England and Wales, according to the Insolvency Service.

Published last Friday, the figures reveal that 29,444 people were declared insolvent in the fourth quarter of 2008: 19,100 through bankruptcy and 10,344 through an IVA (Individual Voluntary Arrangement).

This brings the annual total to 106,543 insolvencies: 67,428 bankruptcies and 39,115 IVAs.

“For some people, insolvency is the best solution to their debt problems,” said a debt expert for Debt Advisers Direct, “but many will be able to avoid insolvency altogether if they take the right steps in time.

“If someone’s struggling with their debts, the first thing to do is talk to a debt adviser, who can help them identify the best way of sorting out their finances. It varies from person to person: some may simply need to learn to budget more effectively, while others may benefit from a professional debt solution such as debt management or debt consolidation.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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