Lamport Bassitt Solicitors - Legal News - Many self-employed people 'unable to repay debts'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Many self-employed people 'unable to repay debts' Those with personal insolvency queries might have noted news that half of self-employed debtors are unable to repay cash. This is according to the Consumer Credit Counselling Service, which noted that a high proportion of individuals contacting its Self Employed Centre have insufficient funds to start paying down the debt. In particular, those in areas such as gardening, hairdressing and taxi driving appear to have fallen on hard times. Geoff Waugh, head of the centre, said that in light of the effects of the recession, "a lot of people are carrying out work that they would have previously paid other people to do. This has left many self employed people without work and unable to maintain their debt commitments". The news comes after Aviva revealed that many parents are coming under pressure with regards to their adult children's financial clout. In fact, it reported that 18 per cent of mums and dads set to retire expect to provide monetary assistance. Posted by Helen Causer 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