A financial avalanche teeters precariously above many families in the UK and experts are warning that up to a million households may find themselves in court when their debt management problems become too acute and their creditors begin legal proceedings against them. Repossessions, insolvencies and bankruptcies are all set to sky-rocket in 2008 due to the credit crunch but many homeowners will realise that debt management solutions such as an individual voluntary arrangement (IVA) will help them get a handle on runaway debts.

Debt Management – Financial Pressure Soars

Making ends meet is a delay struggle for many families at the best of times but when factors thrown up from the credit crunch are brought into play, the ability to keep on top of finances becomes impossible. This debt management picture is commonplace in the UK and according to the report in the Daily Mail; as many as 1 million families are faced with court proceedings as a result. This equates to around 2,700 families a day winding up in court when their debt management problems reach the point of no return. Many will decide to make use of debt management proposals or an individual voluntary arrangement before things reach this stage but, it goes without saying, staying free from debt is increasingly difficult in the current economic climate.

Debt Management – The Court Report

The number of county court judgements (CCJs) relating to debt management issues is expected to reach unprecedented levels in 2008. According to research conducted by KPMG, there is expected to be a million CCJs issued this year, compared to 800,000 in 2007 and are set to reach their highest levels since the dark days of 1996. This is likely to create massive debt management problems and Mark Sands of KPMG states to the Daily Mail, "Everything points to more pain for the consumer, which will translate into increased county court judgments over the course of this year. If county court judgments go up anything like as quickly as we expect bankruptcies to go up, we could easily see a million of them this year."

Speak to Varden Nuttall About Debt Management

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.