Bankruptcies and IVAs set to increase dramatically
The number of bankruptcies and individual voluntary arrangements (IVAs) is set to increase massively over the next 24 months as the UK economy continues to move further downward. While the government is doing as much as possible to reduce the chances of bankruptcy and serious financial difficulty for many businesses and individuals across the country, there is only so much they can do. Pressure on the workforce, pressure on incomes and the ongoing property market crisis have all come together in a doomsday type scenario for many.
However, it is vital that those who are experiencing, or expect to experience, financial difficulties ensured they know their rights and take professional advice at the earliest opportunity. There is more chance of rectifying the situation in the early stages of financial difficulties rather than leave it until there is no option but to consider bankruptcy or an IVA. Too many people across the country are prepared to bury their head in the sand and hope it all goes away when in reality this is certainly not the case.
Many people had hoped their properties would bail them out of any financial difficulties but with prices falling month by month and buyers not appearing, this escape route has been cut off for many.
Share this..
Related stories
UK train operators plead with regulators
It has been revealed today that UK train operators on the verge of being forced to cut ticket prices due to their ongoing pricing formula agreed with the regulator. Almost 50% of UK train fairs are currently under the pricing structure formula which allows train companies to increase prices by 1% above inflation per annum. As we approach the real danger of deflation they could actually see train t...
Read MoreUK government is set to outlaw buy one get one free food offers
In a move which reflects the growing "nanny state" of the UK, where decisions are taken out of the hands of consumers and business leaders, the UK government looks set to ban buy one get one free offers in the food industry. Under the guise of reducing waste and assisting the environment, the UK government is currently in talks with the food industry about changes for the future.
Ev...
18% of Britons are struggling with debt
27/11/2013 A new report has revealed that just short of nine million people in the UK consider themselves to have a serious financial problem related to debt. At the same time, the Money Advice Service (MAS) has said that very few of those in this situation are making any real effort to get professional help. This group of about nine million people, known as the over-indebted population...
Read MoreIs Debt Consolidation Still An Option?
Multiple credit cards, overdrafts and loans are seemingly part of everyday life for many people in the UK and with the credit crunch hitting harder, more and more people are suffering deep financial distress. In the days gone by a simple debt consolidation would have allowed many to package their debts into one arrangement, lengthen the time to pay off the debt and also reduce the interest rate p...
Read MoreHedge Fund Launches Collapse
Once the darling of the new age investment era, it seems that the investor love affair with hedge funds may be taking a break. It has been revealed that there were fewer hedge funds launched in the first quarter of 2008 than at any other time over the last eight years. The sector has also seen a substantial rise in the number of hedge fund being liquidated, a sign that investors are pulling thei...
Read More