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UK debt hits £1,459bn
01/07/2009
The total amount of personal debt in the UK and Northern Ireland has hit £1,459 billion, according to new figures.
Credit Action's latest findings, which could impact on the number of firms using debt recovery services, revealed that total secured lending on dwellings at the end of May stood at £1,226 billion.
In addition, average household debt in the UK including mortgages now stands at £58,360, while the average amount owed by every adult is £30,490 - which is approximately 132 per cent of average earnings.
The body also forecasted that a property is repossessed every ten minutes, while one person is declared either bankrupt or insolvent every 4.35 minutes.
A registered charity, Credit Action was established in 1994 to ensure people have a range of tools and training available to handle their money well.
The body also works regularly in collaboration with another major debt charity, the Consumer Credit Counselling Service.
Lynette French, manager of the Debt Recovery team at Wilson Nesbitt solicitors, commented that "there has been an increase on Bankruptcies and Voluntary Arrangements over the past few months, and although creditors will want to recover their debt it is highly recommended that they know their debtor and their current assets".
Contact us for legal advice
Credit Action's latest findings, which could impact on the number of firms using debt recovery services, revealed that total secured lending on dwellings at the end of May stood at £1,226 billion.
In addition, average household debt in the UK including mortgages now stands at £58,360, while the average amount owed by every adult is £30,490 - which is approximately 132 per cent of average earnings.
The body also forecasted that a property is repossessed every ten minutes, while one person is declared either bankrupt or insolvent every 4.35 minutes.
A registered charity, Credit Action was established in 1994 to ensure people have a range of tools and training available to handle their money well.
The body also works regularly in collaboration with another major debt charity, the Consumer Credit Counselling Service.
Lynette French, manager of the Debt Recovery team at Wilson Nesbitt solicitors, commented that "there has been an increase on Bankruptcies and Voluntary Arrangements over the past few months, and although creditors will want to recover their debt it is highly recommended that they know their debtor and their current assets".
Contact us for legal advice
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