Debt options comment on government figures that almost 4,000 UK firms have entered liquidation in the third quarter of 2010.
(1888PressRelease) December 03, 2010 - Debt Options commented today on startling figures published by the Government's Insolvency Service, showing that in the third quarter of 2010 almost 4,000 UK firms entered liquidation. Furthermore, in the previous twelve months the figures showed that 1 in 133 active companies had also gone into liquidation.
The figures also illustrated the challenging climate many UK consumers with debts found themselves in during the previous twelve months, when approximately 1 in 311 individuals became insolvent. Overall, the Insolvency Service reported that the overall trend of individual insolvency rates has been seriously increasing since 2004 and is currently higher compared to the annual rates seen for the last quarter of a century.
The Debt Options team have extensive experience supporting consumers facing debt problems and are acutely aware of that higher company insolvencies relate directly to debt problems:
"We have certainly seen the number of consumers seriously affected by redundancies increasing. Adding to this, there is still a great deal of speculation about how the UK will fare for job losses in the months to come. We offer free and confidential debt help for any consumer in the UK who is concerned about redundancy. We can discuss whether redundancy is likely to or is already affecting their ability to meet debt repayments and identify the best way forward no matter what their individual debt problems."
With the added pressure of arranging for the Christmas period alongside meeting everyday commitments, some consumers may be facing difficulties meeting existing debt obligations. Additional financial strain from a redundancy or reduction due to company insolvency can rapidly lead to finances becoming increasingly unmanageable:
"There can be particular pressures for consumers who tend to make purchases for the season using credit cards - some will also already be finding they are increasingly relying on credit to pay for essential bills. It can also be difficult to simply manage multiple existing credit obligations, whether or not the consumer has entered a cycle of using credit for everyday bills. In these situations and sometimes those complicated by redundancy, IVAs can be a particularly appropriate solution. They are typically used in situations where £15,000 or more is owed to 3 or more creditors. Once agreed, they prevent creditors from mounting fresh court action or demanding repayment by telephone or letter. They also halt fresh interest and charges and allow the consumer to manage their finances in a stable, workable manner. On successful completion, they also write off the debts they covered. The key element is having one properly arranged by an impartial, independent debt management service".
The Debt Options website provides ample pages of information including advice on redundancy and their expert team are adept at dealing with individual cases, no matter what the circumstances. Consumers with debt problems due to company insolvency leading to job loss - or facing debt problems for any other reason - can gain immediate free professional support from the team:
"The effect of debt problems complicated by redundancy can be a particular strain and things can begin to feel as though they are slipping beyond your control. However, our team can immediately help you regain control over your finances. Our staff are available for empathetic, professional support on 0800 234 3605 or you can email us at http://www.debtoptions.co.uk/contact-us "
Debt options comment on government figures that almost 4,000 UK firms have entered liquidation in the third quarter of 2010. 
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