PracticeAccounting FirmsPersonal insolvencies to reach record levels in 2009

Personal insolvencies to reach record levels in 2009

Figures to be highest since records began in 1960

The number of people going bust in 2009 could be so high they will be break
all records since the statistics began in 1960, according to predictions from
KPMG.

The firm believes personal insolvencies could go past the 150,000 mark this
year.

Mark Sands, director of personal insolvency at KPMG, is quoted in the
Daily Telegraph: ‘Any excessive spending over Christmas and at the New
Year sales, especially where goods are paid for on credit, risks tipping even
more consumers over the edge.’

KPMG estimates more than 2,500 people entered into Individual Voluntary
Arrangements with debts of more than £100,000 in 2008. The average IVA debtor
owed £47,800.

Figures are expected from the Insolvency Service in February.

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