Lamport Bassitt Solicitors - Legal News - UK 'could be in line for rise in insolvencies'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS UK 'could be in line for rise in insolvencies' A long-term strategy is needed if the risk of Britons needing to enter individual voluntary arrangements (IVAs) and bankruptcy is to be reduced. That is the suggestion of Ian Boden-Smyth, spokesperson for the UK Insolvency Helpline, who predicted that insolvencies could be set to rise further. He argued that the "sticking plaster" approach of offering people holidays from mortgage payments or allowing them to repay only the interest is presenting a false impression of the economy. "I think there are going to be more repossessions," the expert stated. "I think interest rates are going to go up and there will be a rise in IVAs and bankruptcy." One solution proposed by Mr Boden-Smyth was for banks to guarantee rates will remain at a given level for five years. The comments came after a House of Commons report criticised the government over its approach to consumer debt, arguing that efforts to reduce the number of people struggling to cope have failed. Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News