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Personal bankruptcies rise 13% in last 12 months

A total of 33,945 people have been served with bankruptcy orders over the last year &#45 a rise of 13% from the previous year.

Government figures also show that personal bankruptcies in the third quarter of 2003 are running at almost 17% higher than in the third quarter of 2002.

The figures come just days after the Liberal Democrats released figures showing individual personal debt has leapt by 50% since 1997. The average person now owes over £5,300 in unsecured loans, while the average annual household debt stands at over £37,000.

Malcolm Bruce, Liberal Democrat shadow DTI secretary, says: “These bankruptcy figures will come as another warning to those who are getting in debt over their head. With over 33,000 people being declared bankrupt and 20 million cases of credit arrears passed to bailiffs over the last year, it looks like the bailiffs business is about to enter its own boom time.

“The rate rise this week shows the Bank of England is desperate to damp down borrowing. The message to people now must be, think before you borrow &#45 and don&#39t borrow to your limits as rates may rise further.”


Erinaceous to raise £10m for AIM listing

Property services group Erinaceous is proposing to raise approximately £10m to be traded on the Alternative Investment Market of the London Stock Exchange. Founded in 1999, Erinaceous comprises a number of long established businesses covering a broad range of activities including services in the fields of residential lettings, insurance, building consultancy and housing management. The […]

Halifax increases SVR by 0.25%

Halifax says it will be increasing its standard variable rate from 5.50% to 5.75%, following the Bank of England&#39s rate rise last week. The increase will come into effect from the December 1 2003 for existing borrowers, with tracker mortgage customers also seeing an increase in rates from the same date.

Mortgage Brain launches compliance events at sporting venues

Mortgage Brain is launching a series of electronic trading and compliance events in the new year at major sporting venues across the UK. Providing a forum for introducers to discuss topical mortgage issues, Mortgage Brain&#39s free premier events will be held at various sporting locations throughout January and February 2004. Introducers attending the events will […]

Complete service for brokers

Complete Mortgage and Loan Services is set to kick off its Complete Network by offering brokers free miniworkshops on compliance at its stand at Mortgage Expo 2003 next week. The Complete Network is offering a proposition for introducers, appointed representatives and directly authorised firms promising that none of its network colleagues will be tied in […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


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