Lamport Bassitt Solicitors - Legal News - Someone declared insolvent in UK every few minutes


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Someone declared insolvent in UK every few minutes In the UK, one person is declared bankrupt or insolvent every 3.57 minutes, new figures have revealed. According to statistics cited by Credit Action, the 12-month growth rate of personal debt in the country remained at 0.8 per cent in September. It also indicated that a property is repossessed every 11.5 minutes from people who cannot afford to keep up with their mortgage repayments. Insolvency and other debt problems may be being made worse by the fact that 2,553 people on average are losing their jobs every day. Credit Action also found that the average household debt in UK excluding mortgages is £9,161, while this rises to £58,340 when home loans are taken into account. Also, the typical amount owed by British adults is said to be £30,221. Research published recently by the Royal College of Psychiatrists and Rethink suggested that one in two UK adults in financial difficulties could be suffering from mental health problems. Related Articles: 1/2/2012 - Insolvency body warns of greater SME distress 31/1/2012 - Govt makes u-turn on insolvency reforms 25/1/2012 - UK Q4 GDP shrinks as corporate insolvency rate creeps up 19/1/2012 - Corporate insolvency rates may rise 11/1/2012 - BRC warns over further retail insolvency problems More Insolvency & Restructuring News