 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS Festive overspending 'triggering personal insolvencies'  Many personal insolvencies in the UK are a result of overspending during the festive season, it has been claimed. According to trade body R3, 31 per cent of insolvencies so far this month have been caused by this. Peter Sargent, president of the organisation - which is also known as the Association of Business Recovery Professionals and is a professional association for insolvency, business recovery and turnaround specialists - said the figure comes as no surprise. He commented: "Unfortunately, many people who were struggling financially at the end of last year allowed their spending to spiral during the festive season, in order to give their families a 'normal Christmas'." The expert went on to state that the stigma associated with insolvency means that many consumers wait up to six months before admitting they have a problem, exacerbating the issue in the process. As people wait longer, fewer options are available to them, he added. Rick Munro, head of corporate recovery and insolvency at Lamport Bassitt, said: "The best advice I can give to people with debt problems is seek advice early. "The earlier the problem is addressed the more options are available and the more sympathetic creditors tend to be." 
Related Articles: 24/8/2009 - Bankruptcies 'on the rise in the UK' 20/10/2009 - Business failure increase 'set to end' 23/10/2009 - "All different types" of firms at risk of insolvency 16/9/2009 - Directors' duties "intensify" when a firm faces insolvency 3/11/2009 - Someone declared insolvent in UK every few minutes More Insolvency & Restructuring News |
|||
| © 2010 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |