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Latest News
<< Most Recent Articles
Bankruptcy rates 'going up'
Figures released by the Insolvency Service show that there has been a 1.7 per cent increase in insolvency rates in the UK in the first-quarter of 2008 in comparison to last year.
It found that so far this year 25,264 people have been declared insolvent.
Price comparison and switching service uSwitch.com predicts that if insolvency rates continue at the same rate then there will be 104,000 casualties this year.
Ann Robinson, director of consumer policy at uSwitch.com, says: "At the moment, consumers are being hit from every angle with price hikes across all areas from energy to mortgages right down to a 25 per cent increase in the cost of petrol. This may be making many people feel that their finances are simply out of control."
The Insolvency Service was founded to help individuals who are suffering from financial difficulties. It operates within the framework of the Insolvency Acts of 1986 and 2000 and the Employment Rights Act 1996.
See how much you could save with a debt consolidation loan from Lombard Direct
© Adfero Ltd
06/05/2008 15:40:45
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