One in 60 ‘facing unmanageable debt’

9 February 2009

A trade body for IVA (Individual Voluntary Arrangement) and debt resolution firms has said that as many as one in 60 people in England and Wales could be facing unmanageable debt.

David Mond, chairman of the Debt Resolution Forum, claimed that “there are an estimated 110,000 people currently in individual voluntary arrangements”, as well as “…probably more than 700,000 people in informal debt management plans”.

He added: “This means that 1 in 60 adults in England and Wales are dealing with unmanageable debt – nearly seven times the government’s figure.”

The latest government figures showed that 1 in 400 people became personally insolvent in 2008 – a statistic that Mr Mond described as “the tip of the iceberg”.

A spokesperson for debt management company Gregory Pennington said: “The current economic climate is challenging for all kinds of people. Anyone struggling with debt should make sure they speak to an expert debt adviser to discuss the best way to tackle those debts.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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