The decline in formal figures clouds the bigger issue that people aren’t spending what they used to!
(PRWEB UK) 10 May 2013
Official figures declaring a drop in personal insolvencies to the lowest level in 5 years are ‘misleading.’ That’s the view of Ideal Debt Solutions Managing Director, Andrew Rosler.
The official numbers released by the Insolvency Service on May 3rd and widely reported in the media, cited the previous quarter’s personal insolvencies at a level more than 12% lower than the same period of last year and at their lowest level since the first quarter of 2008.
Andrew Rosler believes these official figures hide the reality, commenting that;
“This is a misleading set of figures. There is no verifiable data about individuals on debt management plans. These plans are a common alternative to an IVA or even bankruptcy for some debtors, but official numbers are unable to take these into consideration. Let’s not also forget that these numbers cannot possibly demonstrate the debtors who, ironically, can’t even afford the fees to make themselves bankrupt and those avoiding that route by taking expensive, high interest loans to make ends meet.”
Releasing figures of this nature is, according to Andrew Rosler, clouding the situation. He adds;
“Overall, the decline in formal figures clouds the bigger issue that people aren’t spending what they used to!”
Andrew Rosler is Managing Director at http://www.idealds.co.uk, a specialist personal debt solutions provider.
Source of original figures: http://www.insolvencydirect.bis.gov.uk/otherinformation/statistics/201305/index.htm