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 Finally the West of England has something to celebrate! We are top of the debt league tables in U.K. P.L.C. Towns such as Torquay, Weymouth, Bridport, Truro, Plymouth and everytown in-between have something to celebrate! You are more likely to go t*ts up if you live in these terrific West Country places. The huge number of people unable to repay their debt hit an all time high last year, as over 100,000 people went bust. The maps show the main areas where people are struggling to make it all meet, and where the financial stress and strain might take it’s toll in the future.
FINDINGS SCMEINDINGS
Declaring bankruptcy is a major step, and is often seen as a last resort taken by those who can no longer repay their debts. It is likely to mean the loss of all an individual's major assets. Glancing over the top 10 rankings for bankruptcy, it's impossible not to notice that the clear majority of towns hail from the south west of England. Explanations for this vary, but the high number of seasonal businesses and sole traders in the region is likely to affect the overall figures. DEBT EXPERT SCHMEXPERT
Bridports very own debt expert Dennis Spacey advises many hundreds of people in debt every year, “Being top of the debt league is not something to be proud of” said Mr Spacey of England Jackman & Spacey “I would much prefer it if we did well at soccerball, debt is not something to excel at” POCKETS SCHMOCKETS
Individual Voluntary Arrangements or IVAs are another form of insolvency. The numbers of IVAs have grown so much in recent years, that they are approaching parity with bankruptcies. But setting up an IVA with creditors is not an easy option and can affect your credit rating for six years, and may make it hard to gain credit in the future. The map above shows the M4 corridor as being a particular hotspot for IVAs. Consumer groups have suggested targeted advertising of IVAs in that area may be a factor. Our debt expert Dennis Spacey says.. “I would only recommend an IVA where absolutely necessary, a large percentage of IVA’s fail within the 5 year period and they will revalue your house after 4 years, a fact they seldom tell you when signing up, banks such as Northern Rock and the credit card company MBNA are in many cases refusing to vote in favour of an IVA being accepted” STRESS SCHMESS
 Financial stress is a measure used by the credit agency Experian to define an individual's "potential to become over-stretched and struggle with further payments". Areas with high levels of stress include major urban centres such as Glasgow, Liverpool and Nottingham, with Manchester standing out at the top of the list. Potential financial trouble spots are pinpointed by Experian after an analysis of the number of credit cards and personal loans that people take out, as well how regularly payments are made on their debt. Visit WWW.EJANDS.CO.UK or call Dennis Spacey on 01258 839283 Scoop Doggy Style (up to my neck on the plastic)
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