Industry News

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The issue of insolvency is a pressing one in the UK. Looking at the average characteristics of those in debt may spring a few surprises. Many in debt will see an individual voluntary arrangement as the best way to alleviate debt.

Insolvency has the capacity to impact upon people from all walks of life. It may have been a safe bet then that gambling expert, Statto, was declared bankrupt when his finances careered out of control.

Insolvency in the UK is set to reach endemic proportions in 2008 with record numbers filing for bankruptcy. Many will see an individual voluntary arrangement as the ideal way to prevent this.

Consumers are feeling the credit crunch squeeze as the scale of individual debt soars.

According to a recent report on the BBC, a predicted squeeze on household budgets could lead to a wave of insolvencies later this year.

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