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1 Briton declared insolvent every 52 seconds

Posted by smeddum on October 2, 2010

Credit Action: 1 Briton declared insolvent every 52 seconds

Thursday 30th of September 2010

My IVA Advisor

Growing numbers of people in Britain could be in need of individual voluntary arrangement (IVA) answers after new figures suggested a large proportion of the population have serious money troubles.

According to the latest Credit Action statistics, 381 people every day of the year will be declared either insolvent or bankrupt – the equivalent of one person every 52 seconds of the working day.

The extent of the country’s financial troubles is highlighted by another figure – the fact that total UK personal debt at the end of August stood at £1,482 billion, which is more than what the whole nation produces in a year.

Furthermore, the data shows the average amount of money owed is £8,590, rising to £17,896 if the number of households that have an unsecured loan is taken into account.

If you’re finding it difficult to keep your head above water as a result of debt repayments swallowing a large proportion of your income, answers on IVAs could show you there’s a way out of your financial worries.

The measure whittles away money owed – if it’s worth more than £15,000 – on unsecured financial products with around 60 reduced-rate monthly repayments.

And you could find the method of insolvency offers you a fresh start, while demonstrating the dangers of straying too far into the red.

By Ashley Littley

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