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| BankruptcyNews |
Posted - 30 August 2007 : 12:00:05
Record 120,000 will apply for insolvency in '07 warns KPMG
A record 120,000 people in the UK will file for insolvency during 2007 KPMG has predicted, following official figures showing insolvency rose 28% in the second quarter.
The claim follows Insolvency Service figures showing that 113,439 filed for protection in the three months to July, down 8% on the first quarter but substantially up on 2006.
Individual Voluntary Agreements (IVAs), which allow debtors to write off part of their debt and which have risen sharply in recent years, fell 15% over the quarter.
The number of IVA applications rejected by lenders rose to 18%, an increase of almost 50% compared to the second quarter of 2006. Bankruptcies fell slightly to 16,258.
Associated indicators of financial difficulty continued to rise however, with County Court Judgements and home repossessions continuing an upward trend.
‘Despite this fall in bankruptcy numbers, we can’t take comfort in these figures,’ said Steve Treharne, head of personal insolvency services at KPMG.
‘The five increases in interest rates in the last year, and a further rise on the cards, means that the pressure on the over indebted continues to increase.
‘Although many borrowers will be able to absorb these increases, I fear the consequence will be that more individuals will have to take formal steps to deal with their over indebtedness.’
The average debt of an individual arranging an IVA over the period was £48,800 and more than 2,500 entered an IVA with debts of more than £100,000.
Source: citywire.com
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