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03/02/2006
UK bankruptcies increase
The number of people declaring themselves bankrupt in the UK is increasingly dramatically, the latest figures showed.
There were 20,461 individual insolvencies in England and Wales in the final quarter of 2005 - an increase of 15% on the previous quarter and an increase of 57.1% on the same period in 2004.
During the period, there were 13,501 bankruptcies - an increase of 10.9% on the previous quarter and an increase of 37.6% on same period last year.
The number of people entering into individual voluntary arrangements (IVAs), where they arrange to repay a set amount each month in exchange for the interest on their debt being frozen, also increased sharply to 6,960. This represented an increase of 23.9% on the previous quarter and an increase of 117.1% on the same period in 2004.
The dramatic increase has been blamed on Britain's recent credit boom, which has seen consumers build up a collective debt of over £1 trillion in loans, credit cards, overdrafts and mortgages.
However, the Consumer Credit Counselling service suggested that the rise indicated that more people were finding solutions to their debt problems, rather than acquiring any more debt.
Experts say that declaring bankruptcy has become a more attractive option for people to clear their debts due to recent changes to bankruptcy laws.
The 2002 Enterprise Act reduced the time limit that anyone declared bankrupt had to wait until they were discharged from three years to one year.
(KMcA)
There were 20,461 individual insolvencies in England and Wales in the final quarter of 2005 - an increase of 15% on the previous quarter and an increase of 57.1% on the same period in 2004.
During the period, there were 13,501 bankruptcies - an increase of 10.9% on the previous quarter and an increase of 37.6% on same period last year.
The number of people entering into individual voluntary arrangements (IVAs), where they arrange to repay a set amount each month in exchange for the interest on their debt being frozen, also increased sharply to 6,960. This represented an increase of 23.9% on the previous quarter and an increase of 117.1% on the same period in 2004.
The dramatic increase has been blamed on Britain's recent credit boom, which has seen consumers build up a collective debt of over £1 trillion in loans, credit cards, overdrafts and mortgages.
However, the Consumer Credit Counselling service suggested that the rise indicated that more people were finding solutions to their debt problems, rather than acquiring any more debt.
Experts say that declaring bankruptcy has become a more attractive option for people to clear their debts due to recent changes to bankruptcy laws.
The 2002 Enterprise Act reduced the time limit that anyone declared bankrupt had to wait until they were discharged from three years to one year.
(KMcA)
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