London Bankruptcies Treble

Yes, Londoners are easier to lend to – that’s because many of them earn more than the rest of us and also because the capital’s absurd property prices leave many with masses of equity. That’s the sting in the tail – all that notional money means that Londoners who get into trouble with debt often have a major asset creditors can claim on – and which they will claim on if things get bad enough. Losing one’s home is distressing for individuals and catastrophic for familes.

Whilst the Bankruptcy Advisory Service is absolutely right that people could spend most of their working lives paying into debt management schemes (and we also think the BAS is a great help to the hopelessly bust), we think that, for many cash-strapped Londoners, especially those with a job and a mortgage – an IVA could be a better, more certain, less damaging route out of debt than either bankruptcy or debt management.

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