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| BankruptcyNews |
Posted - 21 September 2007 : 10:14:57
Bankruptcy set to soar, warns expert
NUMBERS of bankruptcies and house repossessions in the region are set to soar warns a Hampshire financial expert, who claims banks are toughening their stance on out-of-control debtors.
Carl Faulds, managing director of Portland Business Recovery, says banks are rejecting a far higher number of Individual Voluntary Arrangements, which help debtors get back into credit.
The controversial arrangements mean creditors get a percentage of the money owed, but allow borrowers to dump up to 70 per cent of their debt.
But if lenders refuse to agree, bankruptcy is the only option for many.
Government figures show 333 people went bust in Hampshire during April, May and June this year.
Currently, the number of people entering into IVAs is up almost 50 per cent on the same time last year, but banks are beginning to dig in their heels.
Carl said: "It's a combination of irresponsible borrowing and rash lending that has become a real recipe for personal disaster for the individuals involved.
"This leads to spiralling debt, bankruptcy and homes at risk. I spoke to someone a few days ago who had borrowed more than £100,000 on credit cards and loans and now has no assets or income.
"The banks are concerned that the public's general attitude to debt has changed so much that they need to put their foot down and not let people off the hook without being made bankrupt."
Source: dailyecho.co.uk
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