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Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy

Seaside city feels credit crunch

15/11/2007

One region of England has bucked the national trend by recording an increase in the number of people applying for bankruptcy.

Consumers in Brighton and Hove applied more insolvency and Individual Voluntary Arrangements (IVAs) in the three months to September than they did in the previous quarter, the Argus reports.

Applications rose by 15 per cent in the city, compared to a national drop of five per cent during the same period. According to analysis from KPMG, the average Sussex debtor proposing an IVA now owes a total of £48,666, while the average bankrupt has debts totalling £50,828.

Mark Sands, director of restructuring for KPMG, told the publication: "Despite the national fall in personal insolvencies, anyone taking comfort in this slight drop is in for a rude awakening. Almost every indicator suggests this trend as being only a temporary respite from long term increases to record levels."

There were 26,956 individual insolvencies - either bankruptcy applications or IVAs - taken out during the second quarter of 2007, according to Credit Action.

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