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PPI Claim News - 5/2/2010

Credit card Claim: UK insolvency hits an all-time high

The number of people in England and Wales who declared insolvency last year has hit an all-time high, new research reveals.

Figures from the Insolvency service show 35,574 people were declared insolvent during the final quarter of 2009, a 24.9 per cent increase on the same period a year ago.

This figure brings the total number of personal insolvencies made in 2009 to a record-breaking 134,142 declarations.

Mounting personal debts on credit cards, mortgages and personal loans borrowed over the past few years have had a clear impact on the levels of insolvency.

High unemployment levels and reoccurring bank charges, such as late payment fees, overdraft charges and personal protection insurance, have also driven more people to declare themselves bankrupt as they are unable to repay their debts.

The new figures smash the previous peak number of 107,288, which was set in 2006.

In response to the situation, charities such as the Debt Advice Foundation are developing interactive online budgeting tools to give people a better understanding of their finances and help them avoid serious debt problems in the future.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.ADNFCR-2776-ID-19599824-ADNFCR

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