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Personal insolvencies fell slightly in the three months to the end of September, according to figures released this morning by the Insolvency Service.

The number of people declared insolvent fell by 1% from the previous quarter to 30,219. This was a decrease of 11.0% on the same period a year ago.  Personal insolvencies rose in the three months to the end of June to 30,513, which was up from 30,145 in the first quarter of this year.

The last quarter’s personal insolvencies were made up of 9,567 bankruptcies, 13,048 Individual Voluntary Arrangements (IVAs), and 7,604 Debt Relief Orders (DROs). Some 79% of bankruptcies were made on the petition of the debtor, down from 83% in the previous quarter, suggesting that lenders are abandoning forbearance.

Company insolvencies rose by 2% to 1,253 in the three months to the end of September.

Speaking to the Press Association before the figures were released, David Kerr, chief executive of the Insolvency Practitioners Association, said: “Even if the numbers don’t show a remarkable change, it does not necessarily mean there isn’t a problem brewing.

“If… Continue To Read This Post..

The government has announced plans to ban referral fees in personal injury claim cases.

Paid to companies that provide details of accidents to personal injury lawyers, the fees are said to be contributing to large rises in insurance premiums and an unfair “compensation culture”.

The majority of successful “no-win, no-fee” cases are settled by insurance companies, pushing up the price of premiums for regular policyholders by up to 40%. Even the cost of referrals fees themselves are passed onto insurers in successful cases.

Similar moves in Ireland have seen motor insurance claims drop by 16%.

The move comes after the Office of Fair Trading launched an investigation into the rocketing price of car insurance earlier in the week.

Justice minister Jonathan Djanogly said: “Honest motorists are seeing their premiums hiked up as insurance companies cover the increasing costs of more and more compensation claims.

“Many of the claims are spurious and only happen because the current system allows too many people to profit from minor accidents and incidents.”

“Referral fees are one symptom of the compensation culture problem and… Continue To Read This Post..

The recently divorced are definitely big targets for personal finance news, and information, but they might not think so. When you divorce from someone you have a lot of things on your plate, and personal finance is only a tiny part of the picture. Anyone that thinks divorce isn’t emotional has never gone through the process. It’s definitely an emotional battlefield that can really take it out of you. Does it have to be that way? Of course not — you just need to figure out what you want to accomplish at the end of the day.

You don’t have to just live under the labels that you’re given. This means that you aren’t just defined by the fact that you’ve gotten a divorce. A lot of people get divorced and find that a new chapter of their life really begins anew. Other people find that they just can’t seem to let go of the life that they used to have.

There are a few things that you need to understand about personal finance if you’re new to the divorced… Continue To Read This Post..

Companies that collect personal information online, from mobile phones and in service contracts should be clearer about how they intend to use the data they record, according to a report from the Communications Consumer Panel.

The consumer body says people should be able to exercise a greater amount of control over how much of their personal data is shared and that information on data sharing should not be buried in the small print of contracts and terms and conditions.

The panel, which was set up to advise communications regulator Ofcom about consumers’ interests, says that while nearly 80% of the those that participated in a recent survey said they were highly concerned their online data might be sold on by a company to a third party, only half said they regularly read companies’ privacy policies.

Consumer Panel Acting Chair Bob Warner said: “We were concerned that there was a lack of awareness about the various ways online personal data is collected and used, and our research reveals the extent of the problem.

“Consumers have told us that they are… Continue To Read This Post..

The number of people declared insolvent throughout England and Wales in 2010 hit a record high as the ongoing financial squeeze tightened its grip on struggling families.
The Insolvency Service, the government agency that regulates the insolvency industry, said that the number of personal cases rose by 0.7% to 135,089 up from 134,142 in 2009, itself the highest figure since records began in 1960.

More than 104,000 people were made bankrupt or entered into an individual voluntary agreement (IVA) or debt relief order during the first three quarters of the year, only marginally less than the total number for the whole of 2008.

There was twice the number of personal insolvencies than in 2005 but a sharp fall in the number companies failing or going bust.

Bankruptcies fell by 20.7% to 59,194 compared to 2009 as debtors opted for newer forms of insolvency. IVAs, which allow debtors to agree a deal to pay off a portion of their debt after which their creditor writes the rest of it off, were up 6.5% to 50,716 while debt relief orders, which… Continue To Read This Post..

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