Individual Insolvencies (Bankruptcies & IVA’s) Up 8.8%

There were a massive 27,087 people either becoming Bankrupt or having an IVA agreed by their creditors during the third quarter of 2008. This is a massive increase of 8.8% on the previous quarter.

We have seen a large increase in the traffic finding Talk About Debt and the number of people using Google and other search engines in general to find out about Bankruptcy in particular increased dramatically over the same period so it’s not that surprising. What is missing from these figures is the number of people taking out Debt Management Plans during the same period. Debt Management are a serious debt solution but because they are an informal arrangement and they are not legally binding, they go unreported.

If you are in debt and looking for help, find out about all of the available debt solutions on the site and if you feel you want to talk it through with a professional debt expert, call one of the debt organisations to help advise you further. Whatever you do, don’t’ do nothing. The earlier you deal with your debts and get advice the less serious the solution.