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Bankruptcy will increase in 2008, says expert

Bankruptcy will increase in 2008, says expert

 

The number of people who declare themselves bankrupt will increase this year compared with 2007, one financial expert has stated.

According to Anna Sofat, founder of ADDIDI Wealth, 2007 figures showed a "substantial" increase in the number of people who became bankrupt, which is a trend that is likely to be repeated in the coming months.

"Last year there were already more people declaring themselves bankrupt or having voluntary arrangements with their debtors and I think that will increase this year," she warned.

Ms Sofat called for credit to become more readily available to help those who are struggling financially.

She added that food prices, fuel bills and mortgage repayments have all increased in recent months.

A report published last month by TDX Group revealed that the number of people who suffer debt problems could double in 2008.

And there are also fewer refinancing options - such as remortgaging and homeowner loans - to help out debt-burdened consumers.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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