Money News
New data from the Insolvency Service shows there were 26,072 individual insolvencies in England and Wales in Q3 on a seasonally adjusted basis - a decrease of 3.0% on the previous quarter and 5.0% on the same period a year ago.
This was made up of 15,833 bankruptcies - a decrease of 2.1% on the previous quarter and an increase of 2.2% on the corresponding quarter of the previous year - and 10,239 Individual Voluntary Arrangements (IVAs) - a decrease of 4.3% on the previous quarter and 14.3% on the corresponding quarter of the previous year.
The downturn in the number of people going bust - for the third quarter in a row - reflects a combination of people borrowing less on their credit cards and IVA specialists coming under pressure to be more discerning when it comes to taking individuals on to their books.
Despite the encouraging headline figures there could be trouble ahead if a recent forecast from the Council of Mortgage Lenders pans out. It's predicting that actual home repossessions could rise by about 50% (to 45,000) next year.
02 November 2007 © Moneyextra.com
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