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Debt management weekly round-up

12/02/2010

Plenty of news to interest those with debt troubles or needing debt advice this week. Here's what's been making our headlines.

On Monday we heard that personal insolvencies reached record highs in the last year.

Figures from The Insolvency Service found that just over 134,000 people were declared insolvent in 2009. This was significantly above the previous record, set in 1996.

There was also a rise of over 25 per cent in Individual Voluntary Arrangements (IVAs) and Scottish Trust Deeds in the final quarter of 2009, compared to the same quarter in 2008.

It was then revealed that more Brits are saving than at any point in the last 16 months.

Nationwide's monthly savings index showed that the number of regular and occasional savers reached 79 per cent in January. This suggests that Brits are preparing for any tough times that may be ahead.

Wednesday's top story was that a large number of those approaching retirement age could be doing so with significant amounts of debt.

Aviva's Real Retirement Report revealed that 20 per cent of 55 to 64 year-olds still owe more than £75,000 on their mortgage.

The Bank of England then warned that inflation could rise above three per cent in the coming months – at the same time as interest rates remaining at record lows.

They also suggested that the base rate would be held at 0.5 per cent for some months yet, helping homeowners with mortgage arrears and serious debt problems.

Finally, repossession figures from the Council of Mortgage Lenders (CML) found that the number of people losing their homes in 2009 was at its highest for 14 years.

The study revealed that 46,000 homes were repossessed in the last year – with a further 53,000 expected to come in 2010.
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