There has been a great deal of press
coverage recently over concerns that personal debt levels
are reaching crisis point, that the culture of ‘spend
today – pay tomorrow’ increasingly prevails, and
how a whole industry centred on the management of Individual
Voluntary Arrangements (IVAs)
has suddenly sprung up.
Regardless of what you read
or see advertised on TV, one thing is for sure – there
are literally hundreds of thousands of people out there struggling
with debt problems. So if this sounds like your situation
and you’ve been suffering in silence, then don’t
– you are not alone. No matter how much debt you have,
we can help find a solution. Take a look at what
we do and then contact
us.
To put the record straight and help
separate fact from fiction, we have summarised the market fundamentals
below.
¤
the average size of debt for
people becoming insolvent using IVAs
is approximately £52,000
¤
growing numbers of people are
entering insolvency with debts of between £20,000
and £35,000
¤
personal debts in excess of £100,000
are becoming increasingly common
¤
the number of people looking
for help with debt problems has increased nearly 50% since
2000
¤
more than 3 million credit cardholders
in the UK can afford only the minimum payment each month
¤
at least 6 million families are
struggling to keep up with their debt payments
¤
67,428 individuals were made bankrupt in 2008 and 39,116
entered into an IVA, a total of 106,544 personal insolvencies
¤
During 2008, 750 people per week entered in to an IVA and 1,297 per week went bankrupt
¤
in Scotland, the average size
of personal debt is roughly 31% higher than in the rest
of the UK
¤
debt is an ever-growing problem,
and if left unchecked can damage your family, relationships
and health.
Call us free on 0800 084 2208. Our phone
lines are open from 9am to 7pm Monday to Thursday, and 9am to
5pm on Fridays. Alternatively you can contact
us through this website. We are always happy to help.
