Debt relief may rise in 2011, warns Lovemoney.com
www.moneynews.co.uk > Debt > Debt relief may rise in 2011, warns Lovemoney.com
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Money News |
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Debt relief may rise in 2011, warns Lovemoney.com
Mon 6th Sep 2010
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Head of consumer finance at the firm Ed Bowsher explained that unemployment is likely to increase over the next year or so, which makes repayment of debts nigh on impossible for individuals affected.
He noted that this leaves people with just two options - either they opt for bankruptcy or set up measures such as Individual Voluntary Agreements, although the latter means banks will not get all that they are owed.
"I suspect the banks will have to write off plenty of personal debt next year," observed Mr Bowsher.
According to the Insolvency Service, the number of personal insolvencies in England and Wales rose by five per cent in the second quarter of 2010 compared with the same period in 2009.
The Bank of England's Trends in Lending report supports this, with the document indicating that lenders are currently reporting a heightened credit risk.
Click here for more debt news
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