HSBC warn about the rapid rise in bankruptcy and poor debt management in the UK

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HSBC warn about increased levels of insolvency in the UK
 

As profits for HSBC took a hit the bank explained that this was partly due to the growth in bankruptcies and related debt problems associated with Britain's burgeoning debt mountain.


The latest official figures showed that a record number of people in England and Wales went insolvent between July and September.

The government's Insolvency Service said that, during the three months, 27,644 people went bankrupt or entered into IVAs to manage debts. If you require bankruptcy advice from a solicitor speak to a regulated insolvency law firm rather than an unregulated debt management or loan company.

Insolvencies were 55% higher than during the same three-month period in 2005 and are now widely expected to top 100,000 for the entire year