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Will the improvement in the UK economy be enough to save many from disaster?

The surprise improvement in the UK economy in the second quarter of 2010 has caught many analysts and experts by surprise although ultimately it should lead to greater consumer confidence. However, while you would hope that an improvement in the UK economy would have an immediate impact upon personal financial wealth in the UK, many people in financial trouble at the moment have gone beyond the point of no return.

Unfortunately, there are millions of people in the UK who are literally on the brink of financial collapse and bankruptcies and IVAs are set to increase dramatically over the next few years. Due to the lag effect between the UK economic recovery and the recovery in personal financial situations the ongoing recovery in the UK economy has come too late for many people. Historically we have also seen banks and other financial institutions calling in their loans as and when the economy turns and literally writing off bad debts, forcing many people into financial oblivion.

While bankruptcy and IVAs may not be the perfect solution in the short to medium term, longer term there is no point in fighting a losing battle only to make matters worse in the future.

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