Welsh bankruptcies rise according to National Homebuyers
Bankruptcies in Wales reached a record level in 2007 as more and more people got into financial difficulties.
[UKPRwire, Thu Mar 20 2008] That is according to new figures from the Insolvency Service, which revealed that bankruptcies in the country increased for the seventh year running.
A total of 2,968 people were declared bankrupt in 2007, a rise of 168 per cent on the figure recorded in 2000.
In addition, the number of Individual Voluntary Arrangements (IVAs) also rose by an incredible 446 per cent in that time.
It is a clear sign of the financial difficulties faced by many people Wales Jenny Willott, Welsh Liberal Democrat MP for Cardiff Central, said that action needs to be taken.
"Labour's economic boom is turning into financial bust for an increasing number of people right across Wales," she commented.
"Personal debt levels in Wales have swelled beyond recognition over the last 10 years and helped carry a relatively stable economy that Gordon Brown has taken the credit for.
"But now that the economy is starting to slow, high interest rates are hitting an increasing number of Welsh families who have borrowed heavily to meet the rising cost of living and spiralling house prices," added Ms Willott.
Fast property sale expert Julian King adds, "Homeowners who need a quick sale of their property are encouraged to find an alternative to selling on the open market.
"The estate agency route is costly, slow and uncertain. Even when you recieve an offer there is a one in two chance that it will not proceed".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm, guaranteeing to make an offer to purchase any property in the UK, regardless of its condition or location. The company is also the UK leader in Sell and Rent Back solutions.