02/02/2007

Record numbers declared insolvent

The number of people being declared insolvent in England and Wales has rose to a record high of more than 107,000 last year, official figures have revealed.

The figures showed that 107,288 people made themselves insolvent last year - a 59% increase on the previous year's figures.

Rising household bills, an increase in the cost of borrowing have been blamed on the increase, as well as the use of individual voluntary arrangements (IVA) instead of the traditional method of declaring bankruptcy.

An IVA allows people to enter into a deal with their creditors in order to pay of some of their debts.

Experts are predicting that the number of people becoming insolvent will continue to rise in 2007.

Earlier this week, the Council of Mortgage Lenders said that there had been a 65% rise in the number of households being repossessed by lenders.

(KMcA)


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