Past Articles for November, 2005

Are you feeling overwhelmed by debt? Is your house under threat from repossession because your money situation has got out of control? Have you declared yourself bankrupt because of personal debt or are you on the brink of doing so?

The BBC’s Money Programme is making a documentary about the huge increase in bankruptcies and repossessions caused by personal debts. If you have been affected by these issues, we would like to talk to you. Please call producers Joanna or Amanda on 020 8752 6896 or 020 8752 6032.

Or, email the Money Programme by clicking here.

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Figures show that more people are choosing bankruptcy as a way of clearing their debts. 

ITV1 would like to talk to people in the process of making themselves bankrupt or opting for an IVA and those living with bankruptcy or an IVA.

Please call Ross in confidence as soon as possible on 0161 827 2408 or email:

ross.charnock@granadamedia.com

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The BBC Radio 5 Live Report team are currently making a documentary looking at personal debt.
We would like to hear from you are currently living in bankruptcy / or have opted for an IVA, or if you are considering declaring yourself bankrupt / opting for an IVA as a result of personal debt.
What led you to be in this situation? What is life like for you now?
Please call us on 0161 834 6978. All calls will be taken in complete confidence.

Or, you can email the production team by clicking here.

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From the article:

” A new study offers a grim picture of the number of women going bankrupt or entering a legal repayment plan with creditors, known as an Individual Voluntary Arrangement(IVA).

The figure rose from 11,900 in 2002 to 17,260 last year and is predicted to reach 26,500 this year - a rise of 122%. The figure is expected to top 41,500 by 2007.

Finance expert ClearDebt, which carried out the survey, says the current increase in money troubles, with personal debt topping £1trillion is a problem for men and women of all classes. But the crisis is accelerating most among young women.

The company expects the total number of people going bankrupt or going into an IVA to climb from 46,650 last year to 66,346 this year - a rise of 42%.”

The article goes on to quote ClearDebt as saying: “‘There are some people who have irresponsibly amassed credit.

‘We see a lot of young women with three, four and five credit cards which are spent up to their limit on clothes and holidays.

‘Young women are under greater pressure than men to spend more of their money on looking good, fashions and going out. But the evidence is that many are simply living ahead of their income.’

That’s a simple encapsulation of our view: Had there been space we’d have liked to see added that most people in debt get into arrangements they are confident they can manage - and that they are able to walk the debt tightrope until something big in their life changes - that’s when they fall off and often find it impossible to climb back on again.

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Our survey throws up some interesting regional statistics. Whilst the national average unsecured debt was £25,572, there was considerable divergence between regions. Neighbouring regions, the North West and North East were at different ends of the scale with average debts of £ 25,326 and £12,362 respectively. Significantly, the North West had a higher debt than the South East (£24,601), whilst the average North Western income was over £1,500 lower than in the South East.

Women appear to be better at managing their personal finances than men. ClearDebt’s survey shows that, whilst women are paid 20% less than their male counterparts, women’s debts are 27% lower than mens’. More significantly, women appear to live within their means – having an average annual surplus of nearly £2,000. Highly-indebted men, by contrast, are spending roughly £3,500 more than they take home every year.

Finally, our survey illustrates that age and experience do not necessarily mean a reduction of debt. Total unsecured debts for the under 25’s average at £11,440, whereas the over 45’s average is for £33,370.

To read our press release in full click here. Or, to download the figures, click here.

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