The Insolvency Service has today disclosed the impact of the recession after the number of people being declared insolvent in England and Wales hit a record high.
According to the figures, a record 33,073 people in England and Wales were declared insolvent in the second quarter of 2009.
Debt Management Plans or DMP is a non-statutory procedure for debtors. This helps them to fight those severe repayment blues while trying to come to terms with creditors. The DMP comes to terms with these creditors easily for finding out alternative repayment methods thus engaging a third party as a provider.
If you take out an unsecured debt consolidation loan, you can take debts in your stride easily. Unsecured debt consolidation loans are different from secured debt consolidation loans where you put your home at risk since you use it as collateral. Secured debt consolidation loans require you to use collateral which is a security against the loan you take out.
Philip Stevenson, a chartered financial planner for Ark Financial Planning believes that while once getting into debt was considered to be a relatively common and controllable move, it is now becoming a greater concern for many.
“We are in a position now where people are more concerned with paying off debt rather than saving,” he said.
Lovetts, the debt recovery outfit (which also, incidentally, claims to be the UK’s first publicly-listed law firm), says the amount of debt it chased through the courts in the second quarter of 2009 increased 105% over the same period in 2008.
A comment piece by Simon Read in The Independent yesterday (August 17, 2009) has highlighted the lamentable situation whereby borrowers are being charged by their banks to receive advice and assistance in dealing with their debts.
Potential homebuyers are still in need of financial help to get on the property ladder, as new research has revealed that mortgage lenders are continuing to demand high deposits.
Statistics from financial information service Moneyfacts have uncovered that, despite an expanding number of deals on the market, more than two-thirds of the 1,485 mortgage offers currently available require customers to put a minimum 25% deposit on their new home.
22 million savers are in need of financial help as the recent dramatic fall in the interest base rate has left them confused about their finances.
According to a leading price comparison website, 51.6% of savers in the UK have no idea how much interest they currently earn on their ‘rainy day’ money.
The UK population is turning to home comforts in order to offer them debt help, as 12 million adults plan save money by holidaying in Blighty this year.
The survey by travel insurer LV= claims that 25% of Britons will take their main break in the UK in 2009, whilst a further on in eight (15%) are sacrificing their summer holiday altogether in order to make ends meet.
The UK car industry is in desperate need of financial help as vehicle sales slumped by 30.5% last month alone.
The latest data from the Society of Motor Manufacturers and Traders (SMMT) claims that the number of new UK registrations fell by over 100,000 in March to 313,912 cars. This is particularly bad news for vehicle production as March is the month in which new car registrations come out.
