- Tuesday, 25 August 2009Individual voluntary agreements (IVAs) could offer an alternative to the residents of Slough, who are currently facing record levels of bankruptcy and personal insolvency.
Ministry of Justice bankruptcy petition statistics indicate that 239 people in the borough filed for bankruptcy between April and June, with a 19 per cent year-on-year increase in personal insolvency, according to the Slough and Langley Observer.
However, warnings have been sounded that matters are to only get worse.
Tenon Recovery director Paul Ellison, said: "Despite the rise in the number of bankruptcy petitions presented by people struggling with debts, the worst is yet to come.
"Personal insolvencies are already at record levels and will continue to rise, particularly as the effect of the Debt Relief Order provisions are fully felt in the coming months and the impact of the economic downturn continues."
According to the Birmingham Post, personal insolvencies have increased in the West Midlands by 31 per cent.
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