Number Of People Going Bankrupt England Wales 2007

	Do you live in Scotland? As Scotland has its own legal system, distinct from that of England and Wales, laws relating to bankruptcy are different too. In Scotland, personal bankruptcy is known as sequestration.

Do you qualify for an IVA? Take the 60 second debt test at Cut Your Debt and find out today More news Bailiffs to get more powers but not much needed regulation Citizens Advice warns Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse More than a million householders use credit card borrowing to pay their mortgage or rent Number of CCJs issued hits ten year high Number of Scots going bankrupt hits record high	Bankruptcies up, IVAs down in 2007 The number of people declared bankrupt in England and Wales during 2007 rose by 2.4% over 2006 according to figures released by the Insolvency Service. A total of 64,480 people were declared bankrupt, but the total number of insolvencies over the year fell overall by 0.6% compared to the record high year of 2006 because of a drop in the number of people entering into an Individual Voluntary Arrangement (IVA for short). The number of IVAs entered into was down 4.9% to 42,165, taking the total number of personal insolvencies in 2007 to 106,645. One reason cited for the drop in the number of people entering into IVAs was a dispute between banks and IVA companies, with banks refusing to accept the terms of some IVAs offered. However, an agreement between the banks and the IVA companies has resulted in a new code of conduct being agreed and come into force from the 1st of February 2008 - with the number of IVAs entered into expected to rise in 2008 as a result. February 2nd 2008

Do you qualify for an IVA? Take the 60 second debt test at Cut Your Debt and find out today

More news

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

More than a million householders use credit card borrowing to pay their mortgage or rent

Number of CCJs issued hits ten year high

Number of Scots going bankrupt hits record high

Bankruptcies up, IVAs down in 2007

The number of people declared bankrupt in England and Wales during 2007 rose by 2.4% over 2006 according to figures released by the Insolvency Service.

A total of 64,480 people were declared bankrupt, but the total number of insolvencies over the year fell overall by 0.6% compared to the record high year of 2006 because of a drop in the number of people entering into an Individual Voluntary Arrangement (IVA for short).

The number of IVAs entered into was down 4.9% to 42,165, taking the total number of personal insolvencies in 2007 to 106,645.

One reason cited for the drop in the number of people entering into IVAs was a dispute between banks and IVA companies, with banks refusing to accept the terms of some IVAs offered.

However, an agreement between the banks and the IVA companies has resulted in a new code of conduct being agreed and come into force from the 1st of February 2008 - with the number of IVAs entered into expected to rise in 2008 as a result.

February 2nd 2008

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