Insolvencies to rise according to National Homebuyers
The number of personal insolvencies is set to rise markedly this year as more and more people fall into financial difficulties.
[UKPRwire, Wed Jan 16 2008] That is according to debt counselling firm Thomas Charles, which predicts a large increase.
It comes as the cost of living rises and people struggle to keep up with mortgage payments during a difficult time.
Many people got into financial difficulties in 2007 but the majority of analysts believe that 2008 will be even worse.
"Everyone's talking at the moment about how many IVAs there will be in 2008 and, more broadly, how many personal insolvencies there will be this year," said James Falla, director of Thomas Charles.
"KPMG put out a statement between Christmas and new year and their forecast for the number of personal insolvencies for the year would increase by about 30 per cent on last year.
"There are quite a few predictions to say that there will be an increase and I actually think that's right," he added.
Fast property sale expert Julian King adds, "There is a saviour to people's financial problems in the quick sale of their property.
"Homeowners are sitting in buildings which have increased dramatically in value over the last few years.
"To avoid repossession, and IVA or insolvency, a quick house sale is necessary".
Mr King is a Director of National Homebuyers, the UK's leading fast property sale firm that guarantees to make a cash offer to purchase each property quickly, regardless of its condition or location. The company is a leading provider of Mortgage Rescue Schemes such as Sell and Rent Back when the homeowner can sell their property for cash, but remain in their home as a tenant.