Debt write-off 'at £1.4bn record' - BBC News

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http://news.bbc.co.uk/1/hi/business/6215615.stm

Creditors have written off a record amount of personal debt in the UK as more and more people get into financial trouble, a report by KPMG has said.

According to accountants KPMG, £1.4bn of bad debts were written off this year after people signed up for Individual Voluntary Arrangements (IVAs).

Also this year, about 110,000 people became insolvent, topping the 100,000 mark for the first time, KPMG said.

Consumer groups have warned that debt levels have risen to dangerous levels.

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