Personal debt in the Uk through the £60 billion barrier
Interesting and rather worrying news about the level of personal debt in the UK can be found here and there’s no point in us simply regurgitating the figures.
However, it is worth noting that personal debt appears, according to the research to have risen by a huge £10 billion in the last year, and that nearly 50% of that debt is being sold rather than passed to debt collectors.
This type of debt is typically the bank loans and credit cards which are unsecured. The big institutions owed these huge sums of money will often sell a huge portfolio of debts to another bank as a way of writing off the debt, in the process typically accepting less than 10p in the pound for the debts.
The same factors do not apply to the much smaller individual debts owed to small businesses and individuals. For these it is not an issue of writing off amounts to reconcile accounts or claim tax losses, it is often a matter of survival.
If you have a business and are owed a sizeable debt and need a bespoke service and options which may result in you obtaining a far better return than the bulk debt approach, whilst possibly avoiding the risk of pursuing a debt using solicitors, get in touch with us.