Consumer debt - the latest data | Bluestone ARM

Sep
13

Personal debt data

At Bluestone, we deal primarily with business debts for clients but we will consider any debt if the conditions are right.

As has been well publicised, the level of underlying debt in the UK economy, both personal and business is at unprecedented levels and this is of course relevant to the issue of whether to pursue a debt owed to you. If you are just in a long line of unsecured creditors, you may stand little chance of ultimately recovering your money. You may decide to take the initiative and go straight for the jugular, and start insolvency proceedings, but this will be expensive and may still not get you the result you need. In fact, Insolvency Practitioners we deal with regularly advise us that many of their clients are holding back from insolvency action against debtors because there is no point. They will wait until times are perhaps better and then make a decision at that stage.

Onto the figures. These are supplied courtesy of Creditaction.org.uk  and we have extracted the most interesting and relevant items. Credit Action appears to have extrapolated them from published Government data on a more macro level. If accurate, the figures are very interesting :-

  • Outstanding personal debt stood at over £1.4 trillion at the end of July 2012.
  • Over £12.5m of loans are written-off daily by UK Banks and Building Societies
  • The estimated average outstanding mortgage for the 11.2m households that have mortgages is approximately £112,000.00.
  • The average amount owed per UK adult (including mortgages) was £28,704 in July. This was around 117% of average earnings.
  • 1,170 Consumer County Court Judgements (CCJs) are issued every day (based on Q2 2012 trends).
  • The average value of a personal  CCJ in  2012 is just over £3,200.00
  • Citizens Advice Bureaux in England and Wales deal with nearly 8,500 new debt related enquiries each working day
  • UK households pay on  average nearly £2,300.00 in annual interest repayments.
  • just under 400 landlord possession claims are started and 280 orders are made every day.

What do you think of these figures ? If you are owed money either by a business or a personal debt, get in touch with us, we can help.

 



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