|
|
-
In The Spotlight
- Family debt advice business scoops Franchisee of the Year award
- Dundee-based brokerage wins Business of the Year award for debt solutions
- One advisor, two debt management referrals and over £600 commission
- Former mortgage packager tells of transition to award winning debt advisor
- EuroDebt and mortgageforce partnership goes from strength to strength
Big rises in insolvencies predicted by trade group
Monday 3rd November 2008Businesses and individuals are to become insolvent in much larger numbers over the next year, trade group R3 has claimed.
A poll of industry experts from the organisation predicted that around 150,000 people would find themselves no longer able to pay their debts in 2009.
This total stood at just 120,000 in 2007, before the worst of the credit crunch began to affect people's finances.
The situation is still worse in the business sector, with corporate insolvencies set to rise by 41 per cent to almost 20,000 in 2009.
Nick O'Reilly, president of R3, said: "The predicted… increase in business insolvencies from 2007 to 2009 is catastrophic and unfortunately will mean we will start to approach the numbers we saw at the peak of the last recession in 1992.
"For the last three or four years a number of businesses that perhaps were not performing well have been kept alive artificially by the easy availability of credit, which has now dried up."
Official government figures have shown that the economy shrank by 0.5 per cent over the last quarter.
Share this article:
Nowpublic
Digg it
Del.icio.us
Reddit
Newsvine
Related News Stories
Citizens Advice study highlights 'self-help' debt plan rejectionsWednesday 5th November 2008
Rates 'must be cut by 1%'
Wednesday 5th November 2008
Christmas debt warning from Savebuckets.com poll
Thursday 30th October 2008
Recession 'might depress wages'
Wednesday 29th October 2008
Credit card 'charging customers 227% APR'
Wednesday 29th October 2008
Most Read News Stories
Manchester debt firm is liquidated owing creditors over £2.2mWednesday 11th August 2010
Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010
Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010
Barclays lifts lid on banking write-offs
Wednesday 20th February 2008
Send To Friend Print
RSS Feed
News Archive
Feedback:
If you have any queries about this news story or our news section, please contact us
