Yorkshire may be the UK’s largest county geographically speaking but it is also one of the most in debt. Insolvency is set to soar in ’08 and Yorkshire may be amongst the hardest hit counties.
The current financial state of the UK doesn't make pleasant viewing and it is affecting consumers up and down the country. Insolvency levels are fully expected to reach record highs this year and a report has shown that young people in Yorkshire are amongst the most financially vulnerable in the UK due to the level of debt that they have accrued.
Insolvency – Importance of debt management
The level of debt currently being experienced in Yorkshire was studied during research conducted by Skipton Building Society and it discovered that the county has one of the largest debt problems in the UK. Insolvency is expected to be widespread during 2008 and the research shows that Yorkshire may well be one of the counties that is most adversely affected by the economic downturn blighting the UK. The report found that nearly three quarters of men and women under the age of 35 in Yorkshire have some manner of debt management issue and could potentially face the threat of insolvency. Financial experts often suggest that an individual voluntary arrangement is a good way for people with high levels of debt to tackle their problems.
Insolvency – The debt cycle
Debt problems in Yorkshire really are getting to the stage where the threat of insolvency or bankruptcy looms large over a vast proportion of the population. The study conducted by Skipton Building Society discovered that apart from rent or a mortgage, interest upon debts has become the largest single outgoing for those under 35 in Yorkshire. This invariably leads to spiralling debts and insolvency may occur for many who find repayments impossible. However, those within the financial industry have seen individual voluntary arrangements successfully guide many away from the precipice of debt.
Speak to Varden Nuttall About Insolvency
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.