RECORD BANKRUPTCY IN WALES AS DEBT TIMEBOMB GOES OFF

July 14, 2009 12:00 AM

The Insolvency Service has released new regional bankruptcy figures showing that there were 3,324 new bankruptcy cases in Wales in 2008, the highest on record.

The figures also showed that there were 2,276 Individual Voluntary Agreements (IVAs) in 2008 in Wales, also the highest on record.

Commenting, Jenny Willott, Welsh Liberal Democrat MP for Cardiff Central, said:

"These figures show just how hard the recession is hitting the pockets of families in Wales.

"This Government has done far too little to prevent the mountain of personal debt to build up among vulnerable households and we are now seeing this debt time-bomb go off.

"The real tragedy is that with so many households going bankrupt, we are likely to see a rise in long-term unemployment, child poverty and homelessness.

"The Government needs to do everything it can to ensure that the support is readily available for families when they need it as well as ensuring that personal debt is never allowed to build to such unsustainable levels again."

What would you like to do next?