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Insolvencies will soar as cuts bite, says debt charity

The Debt Advice Foundation has warned that the number of people facing insolvency could rocket by 20% following the outcome of the government’s spending review.

With speculation that 500,000 public sector jobs could be lost by 2014, the charity believes that al-though personal insolvency figures have fallen for the second consecutive quarter, the country is sitting on a financial time bomb.

David Rodger, managing director of the DAF, says: “Although 2010 has seen a reduction in those becoming insolvent, the prospect of 500,000 public sector jobs being cut with little hope of the private sector picking up the slack means the worst could be yet to come.”

He says although insolvency volumes are the result of a several factors, such as unemployment, the spending cuts could lead to insolvencies rising to over 40,000 per quarter, 20% higher than at present.


Offers of funding are starting to roll in, says Tiuta

Guy Garrard, head of business development at Tiuta, has revealed it has received a number of offers for funding. Speaking at the Mortgage Business Expo last week, he told the audience that the offers are from well-known firms. Garrard says: “Six months ago nobody wanted to talk about funding but now we are getting many […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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