- Friday, 9 April 2010Following the Public Accounts Committee's attack of the government's record on debt advice provision yesterday, the UK Insolvency Helpline has reacted equally angrily, warning that more people will be forced into
bankruptcy and individual voluntary arrangements (
IVAs).
Ian Boden-Smyth, the helpline's spokesperson, said that a double dip recession was extremely likely, arguing that the economy was currently being "falsely propped up".
"Banks at the moment are doing their very best to keep matters at bay but in reality this is falsely propping up the economy," he said.
"Things are going to get worse, we feel."
A further deterioration in the state of the economy will leave many people in need of
IVA advice, according to Boden-Smyth.
Asked on the implications for consumers if the economy worsened, he said that he thought interest rates would rise and there would be many more repossessions.
He added: "There will be a rise in
IVAs and
bankruptcy."
Those consumers struggling with debt are advised by experts to seek professional, independent financial advice at the earliest date possible.
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
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960