A million Britons facing bankruptcy
Posted in Insolvency, on Monday, May 22nd, 2006A new report by poll firm YouGov claims that the number of UK bankruptcies could be set to explode, with up to a million people ‘quite likely’ or ‘certain’ to declare themselves bankrupt in the near future.
This fairly shocking finding suggests that previous estimates of 2006 seeing a record 100,000 bankruptcies could be way off the mark.
James Falla, of debt consultancy Thomas Charles who commissioned the report, said that huge numbers of people had overindulged in cheap credit, with 1.7 million people now often struggling to make repayments, and a million facing a constant battle to stay up to date with their commitments.
Contrary to popular impressions, most of the people seeking help for their debts are relatively high earners, with an average wage of £30,000. Nearly a fifth of the UK population has unsecured debt of £10,000 or more, with one client of Thomas Charles having amassed a staggering debt of £327,000 spread across 64 credit cards.
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October 21st, 2006 at 2:06 pm
I need help fast, I can not afford to make payments and require assistance urgently can you help me at all ??
October 23rd, 2006 at 9:12 am
Hi Alex, you could try a debt management program such as http://www.debtsorter.co.uk/ or a free credit counselling service like http://www.cccs.co.uk/
October 2nd, 2007 at 9:39 am
If you are struggling with mortgage payments and have equity in your property you could release, but dont want to move out, take a look at http://www.webuynationwide.co.uk and look at their rentback option. You can sell your home to them then rent the house back as a tenant. When your back on your feet you also have the option to buy the house back from them at a later date.
October 8th, 2007 at 1:48 pm
Rentback options should be viewed with extreme caution - see here for some horror stories of how people have been left homeless, after predatory rentback buyers stitched them up.
I’m not saying Sally’s firm is of that ilk, of course, but think long and hard before pursuing this path.
December 29th, 2007 at 2:32 am
We also offer rent back option, like Sally.
Every company has it own way to make money, at http://www.thebestpropertycompany.com - we hold property for periods of 7 years plus and work on gaining a long term relationship with the previous vendor and we make money from long term equity growth.
But I agree their are a lot of unethical companies who are offering rent back options.
Be aware of them!
August 19th, 2008 at 8:36 am
Hi sir/madam,
you could try a debt management program such a free credit counselling service like http://www.refreshdebt.co.uk/