Friday 11th January 2008
The number of insolvencies and individual voluntary arrangements (IVAs) taking place in Britain looks set to rise significantly this year, with "quite a few predictions to say that there will be an increase".
According to James Falla of debt counselling service Thomas Charles, "everyones talking at the moment about how many IVAs therell be in 2008" and he forecasts that the number of personal insolvencies is likely to rise.
Mr Falla explained: "There are quite a few predictions to say that there will be an increase and I actually think thats right, but it will be interesting to see how thats made up."
"When youre talking about personal insolvency, that is broken up into three things - bankruptcy, IVAs and also informal debt management plans."
The Insolvency Service has reported that there were 26,956 individual insolvencies in England and Wales during the second quarter of 2007, falling 8.1 per cent from the previous quarter but 4.2 per cent higher than the same period of 2006.
KPMG stated late last year that the number of personal insolvencies in Britain could rise by as much as 30 per cent in 2008, compared with 2007.
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