personal insolvency advice

Personal Insolvency Help

More than 100,000 individuals were declared personally insolvent during 2008, the highest number ever recorded, showing that the overall demand for insolvency help and support grows each year.

Both within the financial services sector and the wider economic arena, factors are being combined to put more and more people over the financial edge, into some kind of personal insolvency programme.

  • The Credit Crunch has put a further squeeze on unsecured borrowings; all debts will be more expensive to service and disposable income will be less due to higher mortgage repayments.
  • Although people are borrowing less than in 2003-4 it is only the rate of actual increase which is slowing. Many people remain still juggling finances, or “robbing Peter to pay Paul”.
  • UK Banks are caught in the vicious circle of having to manage their own bad debts by tightening lending criteria. One of the consequences of making lending more difficult is that people who were a marginal risk before are now considered of a higher risk. High risk consumers will therefore more likely be forced down a personal insolvency route than would have been the case before.
  • There has been a huge rise in the number of Repossession Orders ( Over 90,000 in 2006 according to Department of Constitutional Affairs) actually doubling over the last 2 years, adding to the stress of overwhelming personal debts, peoples houses are now also increasingly being jeopardised.

All of these and other factors mean that organisations such as Personal have had to become even more focused on providing rapid access to insolvency solutions to reduce or completely remove such financial hardship. There are wide ranges of ways in which someone with major debt problems can avoid being forced down a personal insolvency route. The debt solutions available can include informal arrangements with creditors to repay everything you owe, but over a longer period of time, all the way through to a more permanent debt restructure using legislation available to support exactly these circumstances.

All conversations with Personal are totally confidential and all of our financial advice is always completely free of charge. Whatever financial predicament you may find yourself in there a many different insolvency solutions available. For completely impartial and professional advice please contact us on 0800 043 50 43 or complete our enquiry form and let us call you back.

Urgent Enquiry Form

For free personal insolvency advice, without any obligation, complete our quick enquiry form. One of our professional advisors will contact you at a time convenient to you.

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