- Friday, 3 July 2009The adoption of IVAs could reduce the startling statistic that one person in the UK is declared bankrupt every five minutes.
Figures released by Credit Action this month indicate that one bankruptcy occurs every 4.53 minutes, the equivalent to 331 people per day.
KPMG expect this figure to rise and estimate that the number of bankruptcies declared per day will reach 411 – one every 3.5 minutes.
The number of redundancies made each day is equally shocking. In the three months to April of this year, 3,310 people were made redundant every day in the UK, according to Credit Action statistics.
It is perhaps of little surprise then that the Citizens Advice Bureau has dealt with 7,423 new debt problems every day in the past six months.
With the economy not expected to recover until the later half of 2010 in the most optimistic predictions, bankruptcy and redundancy figures may yet get worse.
People in financial difficulty could find entering into an
individual voluntary agreement a better alternative to bankruptcy.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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