According to research carried out by Credit Action, the financial education charity, outstanding personal debt in the UK stood at £1.420 trillion at the end of November 2012. That means that UK individuals owed almost as much as the entire country produced in the whole of 2011!
Credit Action’s latest report also shows that every day:
• 307 people are declared bankrupt or become formally insolvent – one person every 4 minutes 42 seconds
• 1,556 County Court judgements are issued against consumers
• 155 mortgage possession claims are issued and 111 possession orders made
• 426 landlord possession claims are issued and 281 landlord possession orders made
• In the year to September 2012, Citizens Advice Bureaux dealt with 8,308 new debt problems
Meanwhile, Citizens Advice research has highlighted some of the ways in which problems which affect people who are making ends meet:
• 51% of individuals with debt problems said their work performance was suffering
• 56% said they had seen personal relationships falter
• 79% reported sleepless nights
• 51% had suffered an anxiety attack
The good news is that there is light at the end of the tunnel for anyone who is concerned about the level of their debts. Debt problems are rarely insuperable with the right advice. For example, it may be possible to negotiate an informal debt management plan with your creditors, or you may qualify for an individual voluntary arrangement (or IVA) if something more formal is needed there is also bankruptcy advice readily available.
What’s vital is that, if debts are becoming a struggle, you should take advice sooner rather than later. At Burton Sweet Corporate Recovery we won’t charge simply for listening to your problems and suggesting solutions in a clear, jargon-free way.
Why not call us today for a conversation, completely free of charge? We can talk you through your options including IVA advice and bankruptcy advice.