Friday, Feb 02, 2007
IVAs being squeezed out?
FT.com: Bankruptcies surge in the UK
The number of individual insolvencies in England and Wales hit a record 29,804 in the fourth quarter, government figures published on Friday showed. The fourth quarter showed a 7.1 per cent increase on the third quarter and a rise of 44% on the same period a year ago. At the height of the last recession in 1991, personal insolvencies barely topped 25,000. “You could more than fill the new Wembley Stadium with those who have formally become insolvent in 2006.
Posted by dohousescrashinthewoods @ 01:50 PM (170 views) Add Comment
4 Comments
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1. C'mon Correction said...
I will eat my hat if in 2007 and 2008 the yoy figure increases still further. There isn't going to be much demand a few years down the line for any sort of property at this rate, everyone will be either bakcrupt or to their eyeballs in debt.
It is these sort of figures that will give good reason for the BOE not to reduce rates for a long time to come. If a cut is needed when recession hits 08 onwards we are likely to see them let inflation go 8 plus months under target like they are currently let it be over-target before they must make their move.
This is excellent news (for us struggling to own a home ;o) ); house prices will revert to trend faster than I thought. A big correction is just around the corner..... Sweet !!
2. Sam said...
actaully, if iva's were not available to people in the passed. why don't the CAB consider adding up the number of people who've filed for bankcrupt and IVA to get a better picture of how badly things are going?
3. C'mon Correction said...
Meant to say if the yoy figure DOESN'T increase further!
4. harold said...
“You could more than fill the new Wembley Stadium with those who have formally become insolvent in 2006." Not forgetting the countless out-of-pocket-victims they leave in their wake. These people will owe money to a lot of small businesses that wont see a penny in the pound. Why? Because the banks will be at the front of the queue when it comes to recouping their losses.