www.iva.co.uk

Good Afternoon All,

The latest DTI insolvency figures were released today (4 May 2007), thought you might want to have a look.

They show insolvencies topped 30,000 in the first quarter of 2007 for the first time.

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Key Stats

1. The total number of individual insolvencies for the year to date (Q2 2006 – Q1 2007) is 113,089, an increase of 44.3% over the previous full year (Q2 2005 – Q1 2006), 78,391.

2. The total number of IVAs for the year to date (Q2 2006 – Q1 2007) is 48,601, an increase of 46.6% the previous full year (Q2 2005 – Q1 2006), 25,965.

3. The latest quarter shows an overall increase in individual insolvencies of 1.2% over the previous quarter and 23.9% on the same quarter last year.

4. IVAs, in particular, rose by 4.7% and 47.6% respectively.

5. Individual bankruptcies fell by 1.3% since the last quarter, but rose 10.0% on the same quarter last year.

6. For Q1 2007, IVAs represented 44.0% of total individual insolvencies, compared to 36.9% for the same quarter a year ago.

7. Bankruptcies represented 56.0% of total individual insolvencies, compared to 63.1% for the same quarter a year ago.

Hope this information is of use

Regards. IVA Experts

Thanks for that Experts, very interesting reading. Particularly interesting is the IVA increase alongside Bankruptcy decrease comparisons with last quarter.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I agree very interesting stats, I have been emailed the following statistics myself this morning:

Consumers will borrow an additional £318 million today
Average household debt will increase by £13 today
300 people today will be declared insolvent or bankrupt
Lenders will hand out £1bn in mortgages today
CAB will deal with 5,300 debt problems today
Research from Experian shows that if interest rates stay at 5.25%, the unsecured debt write off is predicted to grow from 3.1% in 2006 to 4.1% by 2009.

During the 4th quarter of 2006 30,349 mortgage possession actions were initiated by lenders, this is actually a 2% decrease over the 4th quarter of 2005

34% of mortgages taken out in Feb 2007 were interest only

A quarter of Brits have no idea how much they spend in a week and a similar number have no idea of their monthly cashflow.


We work so hard for our money educating ourselves to know how to manage it is paramount. Tony