New insolvency figures released

01/08/2008

More and more people are becoming insolvent in the UK, the Daily Telegraph reports.

New figures from the TDX group, which have been seen by the newspaper, show that 17 per cent more homeowners became insolvent from April-June than the equivalent over the same period in 2007.

Mark Onyett, chief executive at TDX, suggested that the tightening home loans sector was to blame for the rise.

"The increase in mortgage interest payments is hitting homeowners hard," he said.

However, these findings contrast with government figures released today - which show an overall reduction in insolvency numbers in England and Wales across the three months.

Overall insolvencies fell by two per cent to 24,553 over the quarter, a figure which is also an 8.3 per cent reduction over 2007.

The number of people taking out an Individual Voluntary Arrangement was shown in the official figures to have dropped by 3.2 per cent, while bankruptcies fell by 1.3 per cent.

Tags; Current UK Economy, Job loss,

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