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Beneath the headlines lies the truth

The latest insolvency figures were published today and the headlines were all about the fact that there had been a sharp drop in personal bankruptcies during the third quarter of 2010 (the lowest level for five years). However, the total number of people declared insolvent during this period only fell 3.7% on the same period a year ago. This is because other forms of insolvency, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs), have become more popular. It’s not that fewer people are struggling with debt and deciding to walk away from it, it’s just that they are choosing to free themselves in a different way.

My personal view is that this slight dip in insolvencies will be very temporary. Once the impact of the government cuts are felt, and if interest rates rise (they have to someday), those on the precipice will be tipped over the edge. 

80% Choose FreedomBy George! It's so easy to choose life and walk away from dreary debt

Another interesting fact was revealed in a statement from an insolvency practitioner, who said that,

 “More than eight out of 10 bankruptcies were made on petition of the debtor, which shows that many people have had enough and are throwing in the towel. They have been living with the pressure of debt for too long.”

So eighty percent of bankrupt’s chose this option for themselves rather than being forced into it, a heartening statistic that demonstrates that people are waking up to the fact that they can easily free themselves from the scourge of debt and the rule of the banks.

It’s time to laugh in the face of debt. Whether you just want some light-hearted relief from the gloom of indebtedness, or have serious rebellious intentions then you’re in the right place.

  • Check out my roll call of illustrious bankrupt’s in the Bankruptcy Heroes section.
  • Read my from my novel, The Bankruptcy Diaries, as I post entries from the book.
  • You are not alone – peruse the Problem Page to hear tales of debt woe and life enhancing solutions.
  • Learn the stories of Debt Fugitives, the international community of people on the run from the long arm of the debt recovery agencies

 

This Friday sees the release of the annual insolvency tally for 2009, with more alarming statistics expected to highlight our ongoing struggle with over-indebtedness.

Did you make the 2009 Honours List?

As a result of our appetite for credit, and the bank’s willingness to feed it, individual insolvencies in England & Wales have more than doubled since 46,650 people were declared insolvent in 2004. 2008 saw a total of 106,544 people either declared bankrupt, or using Individual Voluntary Arrangements to reduce their debts, (an increase of 128% in four years).   

Figures for the first three quarters of 2009 suggest that the past year will be another record-breaker, with at least 130,000 people expected to have been declared insolvent.

The 2009 figures would surely be much worse, were it not for artificially low interest rates, which are currently enabling many to keep their heads just above water and remain solvent. With 2010 likely to see these extraordinary measures gradually being removed, record bankruptcies will continue to make future headlines.   

The 2009 insolvency figures will be released by the Insolvency Service Friday 5 February 2010 at 9.30 a.m.

Hello, I am a bankrupt.

 I am here to tell you how I took my life back from the clutches of the lending institutions, and to demonstrate how bankruptcy enabled me to change my life for the better.

No Laughing Matter?

By sharing my story I hope to bring attention to the issue of mass indebtedness afflicting our debt generation, and in this way hopefully bring about positive change.

If like me, debt has been an issue in your life, why not take some time out from worrying about how much you owe and have a look around. Through this site I intend to offer comfort, advice, and insight into all things debt related.

One thing I do insist on is that we are going to laugh along the way. Debt is such a dreadfully gloomy subject that it’s important to keep smiling. I think you’ll see what I mean.

I’m just getting started so bear with me.

A.N. Other

Personal debt is the scourge of our generation
 
The era of easy credit may be over, at least for the foreseeable future, but for the thousands of people saddled with huge credit card and personal loan debts from a decade of laissez faire lending, the legacy of debt misery is still very much an issue of the day.

The predatory lending propagated by the avaricious banks and lending institutions has created a new class of modern day serfs enslaved to the minimum payment. The lenders have gambled on the compliance of the masses – that the people would simply blame themselves and continue to pay. It’s time to throw off the shackles and reclaim our lives.

An easy way out

Historically, bankruptcy has always been seen as something to be feared and avoided – but not any more. The rules have changed. We may live in an age when indebtedness has never been so widespread, but at the same time it has never been easier to discharge your debt through the streamlined insolvency laws in Britain. These days bankruptcy is a doddle, no more difficult than filling out a loan application. If you’ve no assets then you’ve nothing to lose. Bankruptcy really has become a legitimate lifestyle choice for the debt generation.

Why struggle?

Why strive to pay off thousands of pounds of debt to keep those at the top of the economic pyramid comfortable in their penthouse apartments and fancy restaurants? Bankers are still partying like it’s 2007, drawing obscene bonuses for fixing the mess they created, whilst the dole queues grow and the national debt balloons. As the champagne continues to flow in the city, the people fret and strive to keep up with their payments. The government will do nothing to redress this gross inequality except offer empty rhetoric. Your continuing compliance also keeps the system propped up. The answer? Hang your debts and start living.

A.N. Other

Debt Renegade

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