Insolvencies 'to hit 30,000 in January'

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Insolvencies 'to hit 30,000 in January'

In the wake of excessive Christmas spending, many people in the UK will be counting the cost of the festive period and accountant Grant Thornton predicts that nearly 30,000 individuals will become insolvent in the first quarter of this year.

This estimate comes after a spokesperson for Citizens Advice disclosed that this month is expected to see significantly more than the 140,000 debt problems encountered by the organisation than in the corresponding month last year.

According to the Guardian, a third of all debt owed throughout Europe can be attributed to Britain. Perhaps unsurprising when consumer group Credit Action says that total net lending in the UK stands at £1.3 trillion, up from £1 trillion 18 months ago.

Mike Gerrard, of Grant Thornton's personal insolvency section, said: "Last year, during the period straight after Christmas … we witnessed the highest-ever amount of people going into personal insolvency. This year things could be even worse."

Some people are looking at taking an individual voluntary arrangement (IVA) in order to cut the amount of debt they are in and debt management firm Debt Free Direct has estimated that number of those opting for IVAs will double in two years.

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