Home > News > Debt advice

More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Bankruptcy changes `would help people in debt`

30/11/2009

Proposals to change the way individuals can declare themselves bankrupt would help people in debt and would also cut court costs, the BBC reports.

If they became law, the proposed changes would let people apply to become bankrupt online or by post, rather than needing to go to court.

Government research had discovered that people in debt are, in some cases, waiting for three months before their applications could be heard in court.

"Many people delay making a petition for bankruptcy because they do not want to appear in court," said Business Minister Ian Lucas, "meaning they can sink further into debt."

Helping people in debt, the changes would also cut court costs, said the Department for Business, Innovation and Skills (BIS). "The proposals... will make it quicker and easier for people who are overwhelmed by debts, and have no means of ever fully repaying them, to seek relief through bankruptcy," said a BIS spokesperson.

The consultation phase will end in February.

So far this year, nearly 58,000 people have been declared bankrupt in England and Wales, while over 34,000 have entered an IVA (Individual Voluntary Arrangement) and more than 6,000 have entered a DRO (Debt Relief Order).

---

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