When you hear this it certainly helps you feel you are definately not alone, in fact very positive that you have taken steps to resolve the situation rather than many that continue to struggle on.
No great suprises there - with the Insolvency Service predicting that bankruptcies will halve over the next two years, and making 500 of its staff redundant as a result of that prediction, it seems that IVAs and DMPs will probably also rise.
Tough times! In a way there is a positive, more people are seeking help rather than spiralling more and more out of control. I hope The article can help make ivas and debt solution more mainstream and therefore less of a stigma for the people reading it who are afraid to seek advice.
I think that a lot of people in debt still bury their heads in the sand and avoid reading anything to do with financial services. I know I did!
It is unfortunately not that well publicised so there are an awful lot of people out there who have no idea of which way to turn.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
Remember the record insolvencies do not include debt management plans, there were over half a million of these arranged with commercial companies last year
Regards
I think they do - DMP's aren't recorded anywhere whereas IVA, BR and DRO are.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The insolvency figures do include bankruptcies, alongside debt relief orders and IVA's.
I'm not sure that I concur with Andy's view that 500000 new debt management plans were set up last year though I am reading many experts suggesting that the total number of DMP's currently running in the UK (free-to-client and commercial) might be 700000 to 800000.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
How on earth can they say that insolvency will half over the next 2 yrs, the goverment just don't seem to know what's in front of them, when interest rates start to increase which they will insolvencys in my opinion will go up not decrease I live in the real world and meet real people and though my previos employment I know a lot of people who are so close to being B/R and as more and more people being job less which is happening now they can't afford IVA's so it's either BR or DMP for them.
I just get really annoyed when these people in Ivory towers just don't live in the real world predicting B/R going to be halved in 2 yrs yeah right. Unless of course they make it extrememly difficult to go B/R now there's a thought.
Working on there being approx 50m people of borrowing age, you could conservatively* say that one in 50 people are not able to manage their debts under contractual terms.
*Estimating 1m for all ongoing DMPs, IVAs and BRs.
They are not saying that insolvencies will halve - just bankruptcies, which to be frank I find a ludicrous prediction given the anticipated rise in interest rates just around the corner.
