Insolvencies down across the board

Depth_Charge

Hi

Insolvency News Articles

http://www.insolvencynews.com/article/15188/personal/personal-insolvency-levels-fall-16

http://www.insolvencynews.com/article/15191/corporate/corporate-insolvencies-in-decline


Statistics behind it all

http://www.insolvencydirect.bis.gov.uk/otherinformation/statistics/201305/pressnotables.pdf

arcon5

It's hardly surprising considering the costs involved

Depth_Charge

arcon5 wrote: »

It's hardly surprising considering the costs involved

Hi

Yes, thats definitely one of the reasons.

The changes in bankruptcy from a couple of years ago have not helped either.

Bankruptcy is supposed to be available to give people a genuine new start.

Upping payment orders and the treatment of motor vehicles (cars) in bankruptcy makes me wonder what definition of a new start they mean at times.

They can be successfully challenged though but this should not keep having to happen and wastes time and money not to mention the totally unecessary worry, stress and perhaps continued struggle.

The I/S & O/R offices will put themselves out of a job at this rate, talk about backfire.

The other formal solutions are on the slide too, it makes you wonder if in some cases people will ever become debt free if they end up in never ending DMPs or token offers

IVAs could be described as a bit of a disaster zone to the extent where I believe some providers 'will eventually leave the market' (maybe quicker after the PPI claims run dry)

Even DROs are down

Its getting harder for advice agencies to get people to the light at the end of the tunnel, it really is.

The balance has to be restored or maybe people will just give up and that will hardly help anything or anybody.

Dont think anybody is listening again though.

Time will tell

Just my opinions

Thrugelmir

Increasing numbers of DMP's and arrangements to pay.

alastairq

perhaps because 'debt' as such, has achieved such a high public profile,folk are arriving at that lightbulb-moment a lot sooner?

And are increasingly taking early measures to deal with it, before it becomes too great?

Are there any statistics with regard to the numbers of CCJs being awarded?


I get the feeling, in light of the recent warnings with regards to 'interest-only' mortgages, that we might, in the future see a gradual rise in Insolvency procedures to deal with shortfalls?

Especially if the mooted plans of the IS come to fruition..ie, removing BR away from direct contact with the Court system?

Bella_Smythe

oh dear. we're (me and dh) 'saving up to go bankrupt'. as you do. is it going to be more difficult for us than ive understood?

fermi

Will be interesting to see what effect the ending of any early discharges later this year, and the removal of the court from making BR order (just an adjudicator will be needed) in 2014/5, will have.

arcon5

Bella_Smythe wrote: »

oh dear. we're (me and dh) 'saving up to go bankrupt'. as you do. is it going to be more difficult for us than ive understood?

Depends how difficult you envisioned it? But nothing in this thread should be of concern to you.

arcon5

fermi wrote: »

Will be interesting to see what effect the ending of any early discharges later this year, and the removal of the court from making BR order (just an adjudicator will be needed) in 2014/5, will have.

Can you elaborate on these two points please Fermi?

fermi

arcon5 wrote: »

Can you elaborate on these two points please Fermi?

The Enterprise and Regulatory Reform Bill was given royal assent last week.

http://www.legislation.gov.uk/ukpga/2013/24/contents/enacted

That:

- Abolishes Early discharge (most likely from October).
- And for debtor petition cases introduces a non court adjudicator based system for applying for BR (coming in most from 2014/5 I think).

tigerfeet2006

Well ED's have been as rare as hens teeth anyway for a while so that won't be too much of a problem and The non court adjudicator system should hopefully make life a little easier. I wonder who will do it? Most places like the CAB are over run as it is.