- Friday, 29 May 2009Would-be borrowers are approaching loans with a cautious attitude due to the uncertain economy, according to the director-general of the Building Societies Association (BSA).
Speaking at the BSA annual conference held last week, Adrian Coles said there is "caution all around" the issue of debt, particularly in the wake of bad lending in the pre-credit crunch era.
"On the lending side, clearly some loans were made by some institutions to people who can't now repay them and those loans shouldn't have been made," he said.
By the end of the year, debt charity Credit Action estimates that one person will enter into an
individual voluntary arrangement (
IVA) or declare bankruptcy every 3.3 minutes.
Earlier in the month, a panel of financial advisers suggested to an Independent reader that a person who has previously taken on an
IVA may be viewed more favourably by future creditors than someone who has declared bankruptcy.
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