Financial experts predict "insolvency explosion"
Financial experts predict "insolvency explosion"
Friday 14th November 2008
Vicky Redwood, UK economist at Capital Economics, believes the level of personal insolvencies will increase each year from now to 2011, with 140,000 people declared insolvent next year.
In what the Evening Standard describes as an "insolvency explosion", she predicts that 500,000 UK residents will be involved in some form of personal insolvency when figures peak in 2011.
Meanwhile, Stephen Grant of accountants Wilkins Kennedy told the newspaper that insolvency levels are "likely to go through the roof as falling house prices and rising unemployment begin to bite".
Data released by the Insolvency Service last week revealed that 9,746 people took out an IVA during the third quarter of 2008, while the overall number of personal insolvencies reached 27,807 during the three-month period.
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