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| Version 1 | Version 2 |
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| Number going bust set to increase | Number going bust set to increase |
| (about 7 hours later) | |
| Official statistics are expected to show an increase in the number of people becoming insolvent in England and Wales. | Official statistics are expected to show an increase in the number of people becoming insolvent in England and Wales. |
| Figures from April to June are likely to be higher than the record level of 30,075 people who became insolvent in the first three months of the year. | Figures from April to June are likely to be higher than the record level of 30,075 people who became insolvent in the first three months of the year. |
| Experts say rising interest rates have put people under even more pressure. | Experts say rising interest rates have put people under even more pressure. |
| Separate data is also expected to show a rise in the number of homeowners having their houses repossessed. | Separate data is also expected to show a rise in the number of homeowners having their houses repossessed. |
| New record | New record |
| The numbers of insolvencies and repossessions have been rising sharply but the rate of increase is starting to slow. | The numbers of insolvencies and repossessions have been rising sharply but the rate of increase is starting to slow. |
| A huge increase in individual voluntary arrangements or IVAs, a type of insolvency, has boosted the figures but it is thought these are starting to level off as lenders become more reluctant to accept them. | A huge increase in individual voluntary arrangements or IVAs, a type of insolvency, has boosted the figures but it is thought these are starting to level off as lenders become more reluctant to accept them. |
| HOW TO GO INSOLVENT Bankruptcy: the traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets including your house to pay something to the creditorsIVA: A deal between you and your creditors, overseen by an insolvency practitioner. Less stigma, less chance of losing your home, but involves paying some of your debts in one go or over a number of years Q&A: Personal insolvencies | HOW TO GO INSOLVENT Bankruptcy: the traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets including your house to pay something to the creditorsIVA: A deal between you and your creditors, overseen by an insolvency practitioner. Less stigma, less chance of losing your home, but involves paying some of your debts in one go or over a number of years Q&A: Personal insolvencies |
| The insolvency figure for January to March 2007 set a new record and was an increase of 23.9% on the same three-month period in 2006. | The insolvency figure for January to March 2007 set a new record and was an increase of 23.9% on the same three-month period in 2006. |
| Although the number of mortgage repossession orders in England and Wales fell slightly between the last quarter of 2006 and first three months of 2007, the last set of figures were up 65% over the year. | Although the number of mortgage repossession orders in England and Wales fell slightly between the last quarter of 2006 and first three months of 2007, the last set of figures were up 65% over the year. |
| But experts say this is still nowhere near the peak of the early 1990s. | But experts say this is still nowhere near the peak of the early 1990s. |
| Meanwhile, although homeowners were spared another increase on 5.75% on Thursday, UK interest rates have risen five times in the past year as the Bank of England tries to rein in inflation. | Meanwhile, although homeowners were spared another increase on 5.75% on Thursday, UK interest rates have risen five times in the past year as the Bank of England tries to rein in inflation. |
| One research company CACI says the repossession problem could get worse as nearly 300,000 people will see their cheap fixed rate mortgages run out by the end of the year. | One research company CACI says the repossession problem could get worse as nearly 300,000 people will see their cheap fixed rate mortgages run out by the end of the year. |
| That means their payments could rise by as much as a third. | That means their payments could rise by as much as a third. |
| Has your home been repossessed recently? Are you scared it might be? Send us your comments using the form below. | Has your home been repossessed recently? Are you scared it might be? Send us your comments using the form below. |
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