Personal insolvencies expected to rise tomorrow

November 5, 2009 11:03 am by Lucy Warwick-Ching

Speaking ahead of the release of tomorrow’s national insolvency statistics Deloitte’s Contentious insolvency Group predicts the figures will break through the records again.

Louise Brittain, partner in the group, expects the number of people filing for personal insolvency in Q3 will exceed the 30,000 mark. She says:

This figure is staggering, and unfortunately the end is not in sight. I fully expect that by the year end, 2009 will have broken all personal insolvency records, with the total number of petitions likely to exceed the 130,000 mark.

The types of people filing for insolvency is also expected to change. There will be mix of sole traders and individuals with high credit card debt and also those who have lost or have had to reduce their income and have struggled to make the repayments on their fixed rate mortgages.

Look out for the piece on insolvency tomorrow on Personal Finance.

Posted in Banking, Consumer affairs, Credit cards, Current accounts, loans, Mortgages, Personal finance, Savings |
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Lucy Warwick-Ching is the FT’s new Money Online Editor and has been a UK Companies reporter covering tobacco, pubs and leisure companies as well as the deputy editor on House and Home.

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Josephine Cumbo has written about all aspects of personal finance but currently specialises in insurance. She also covered company news for FT.com. Prior to working at the FT she was a news reporter for the ABC.

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Jonathan Eley is editor of Investors Chronicle, and has been with the title for ten years. Before that he worked for newswires and trade journals in London, New York and Hong Kong.

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