James Falla, chief executive of debt consultancy Thomas Charles, said that those going bankrupt could lose their home and it could even affect their job. Speaking on BBC Radio 5’s Wake up to Money, Mr Falla said: “There is a…
With the interest rate increased to 4.75 per cent, One Advice believes that the 4.25 million people it claims already having problems with debt management could be affected badly. Chris Holmes, chief executive of the agency, said he was worried…
Continue reading the "Insolvencies expected to break 100,000 barrier" »
Francesca Hopwood-Road, a spokeswoman for the bureau, said that people in debt should seek advice to avoid adding to the two thirds rise in number of bankruptcies. Speaking on BBC One’s Lunchtime News, Ms Hopwood-Road stated on the rise: “We…
Continue reading the "Citizens Advice: Number of insolvencies ‘not surprising’" »
According to CML data, there were 8,140 repossessions in the first half of the year as more people get affected by debt, nearly double the amount of a year ago. Debt is causing problems with repayments too, with 35,320 during…
Andrew Smith, the marketing director of Clear Debt, explained the concept of IVAs and how they cap the amount of debt that people have to repay without many of the negative effects of bankruptcy. “The only people who can take…
Director general of the BSA, Adrian Coles, said that despite being surprised by the timing of the increase in the base rate to 4.75 per cent, people should still be able to cope with debt. Mr Coles said that “even…
Although some financial commentators expected a rise to 4.75 per cent at some point in the year, the TUC said the increase took many by surprise and left them unprepared for the extra repayment debt each month. Assistant general secretary…
According to the Insolvency Service, there has been a two-thirds increase in the amount of insolvencies in England and Wales in June compared to a year ago. Figures reveal that there were 26,021 people who were declared insolvent in the…
Continue reading the "Individual insolvencies reach record high" »
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