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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

700k `on Debt Management Plans`

05/06/2009

Official insolvency figures are neglecting to include the 700,000 people who are currently on Debt Management Plans (DMPs), it has been revealed.

Figures from R3 - the Association of Business Recovery Professionals - show the official number of insolvencies in 2008 as standing at 190,000.

But the real number of people experiencing debt management difficulties is closer to a million, the organisation adds.

This is due to the 700,000 DMPs not counted in insolvency reports - which take the overall total to 890,000.

Between August 2008 and February 2009 alone, the number of new DMPs set up in the UK grew by 17 per cent, R3 adds.

This is greater than the full-year increase in the number of IVAs set up over the course of 2008.

Figures for the last quarter of the year from the Insolvency Service show quarterly growth of 5.9 per cent and an annual increase of 12.2 per cent in new IVAs applied for in the UK.

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