Insolvency fees set to rise

25/02/2010

Insolvency fees are set to rise this April, as the government looks to recoup more from people who are forced to declare bankruptcy.

Personal insolvencies and bankruptcies have soared in recent months, as the recession has driven greater numbers of people into mortgage arrears'>mortgage arrears, numbers out of work have shot up and unsecured personal debt situation? Take our Debt Calculator test today!'>personal debt has become harder to deal with.

The new charges – which will add hundreds of pounds to the upfront cost of declaring bankruptcy or winding up a company – are due to take effect on April the 6th.

However, there is some help coming from the government for people struggling to cope with debt.

Plans to make it easier for people with small pension funds and debts of less than £15,000 to get help with Debt Relief Orders have been unveiled this week.

Launching a consultation on the proposals, minister Ian Lucas said it was a "common sense change".

• Share
• 
• 
• Store
• 
• Follow
•