.....debt problems

Official figures revealed today a rise in the number of personal bankruptcies - the first increase in a year. The number of bankruptcies was up 5 per cent in the first few months of 2012 compared with the end of last year. The rise bucks a trend of falling bankruptcies as struggling borrowers increasingly turn to Debt Relief Orders (DRO) in order to escape their money problems. Those entering DROs can typically walk away from their debts after 12 months. Figures from the Insolvency Service showed today that, overall, personal insolvencies - which includes other watered down versions of bankruptcy - declined 1.2 per cent in the first three months of this year compared with the previous quarter. But this fall was largely the result of a sharp reduction in the number of Individual Voluntary Arrangements (IVAs) - a halfway house to bankruptcy that became popular during the tail-end of the Noughties debt boom....Read more here---: Bankruptcies-5-rise-year--borrowers-increasingly-opt-DROs-escape-debt-problems