370 Britons a day declared insolvent last year

Wednesday 9th February 2011

 Figures published by the Insolvency Service have revealed that over 135,000 people were declared insolvent in 2010, up 0.7 per cent on previous year and at its highest since 1960.

This means that 370 people a day were declared insolvent in each day of last year, and that the number of people who can’t keep up with their debts has doubled in the last five years.Commenting on these latest figures, Steve Law - president of the insolvency trade body R3 - said: “Unfortunately, for those that are struggling with debt the worst may not be over. Inflation, the rise in the cost of fuel and the increase in VAT means that the cost of living has risen at a time when most of us are experiencing pay freezes, pay cuts and - in some cases - unemployment. Worryingly, our research found that, in the last quarter of 2010, there was a four per cent jump in the number of businesses making redundancies."Meanwhile, Brian Johnson of insolvency firm HW Fisher warned when speaking to the Mirror that some creditors might be avoiding taking those in debt to court at the moment in an attempt to get as much money as possible from them: “Creditors are avoiding the nuclear option. They can spend money bankrupting people but they won’t get their money back. They are biding their time but as asset values rise, creditors may well make their move.”Bev Budsworth, managing director of multi-award winning firm The Debt Advisor, said: “While figures may be high, they also indicate that more people are gaining access to specialist debt advice. This is great news as it shows that confidence is returning to the debt management sector whose image has suffered recently with a number of firms ordered by the Office of Fair Trading (OFT) to clean up their acts. “Tenacious work over the last 18 months by organisations like the Debt Resolution Forum (DRF) and the Debt Management Standards Association (DEMSA) has helped to build trust in our industry and root out any ‘rogue traders’. As a result, non-lending solutions such as Individual Voluntary Arrangements and debt management plans are fit for purpose.“According to a survey by R3, the insolvency trade body, 38% of people struggle to make their finances stretch beyond the 19th of each month, with major concerns being credit cards and loans. If R3’s survey is representative, then this means there are around 18 million people who are just managing to hold on by their fingernails as interest rates remain low but even with low rates it’s really tough helping people who have no income.“Unfortunately, it’s only going to get tougher as the government’s austerity measures are only just beginning to be felt in people’s wallets. I doubt that when the coalition government came to power last May, it envisaged that its austerity measures would result in such a startling increase in the cost of living. These spiralling costs, coupled with worldwide commodity shortage and conflicts in the Middle East pushing up oil prices, means that the future doesn’t feel that bright.“We have at least begun to pay back our debts, some £24 billion in the last 12 months but again this is marred when you consider that banks have written off nearly £10 billion of our debt over the same period.” “It’s clear that the government will need to turn to the private sector for support for these individuals. By using the properly-accredited private sector, the government can help reduce the estimated £100 million-a-year burden on the taxpayer and provide much-needed support to our fragile economy.”
Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010

Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

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Prince Andrew's 'erotic' ex declared bankrupt

An ex-girlfriend of Prince Andrew’s has filed for bankruptcy after collecting forms earlier this week from Kensington town hall that have enabled her to apply for housing benefits and income support.

Koo Stark, the American 52-year-old daughter of TV hostess Kathie Norris and film producer Wilbur Stark, has been on the brink of bankruptcy for the last two years with debts of over £250,000 and a 13-year-old daughter to support.Miss Stark started dating Prince Andrew following a blind date after his return from the Falklands war in 1981. He took her on holiday and to meet the Royal family at Balmoral, but their relationship ended after 18 months when it came to light that Miss Stark had played the part of a young boarding-school girl in an erotic B-movie called ‘Emily’ in the ‘70s. She went on to marry Green Shield Stamps heir Tim Jefferies while Prince Andrew went on to wed Sarah Ferguson.She has remained friends with Prince Andrew however, and when she had her second mastectomy in 2003 he sent her a bouquet of flowers. Her financial situation at this point was already so dire that she had to leave the hospital in the US just six hours after the operation because she couldn’t afford the fees.Prince Andrew is also godfather to her daughter Tatiana.Having never filled out forms for income support and housing benefit before, Ms Stark turned to Brigit Cunningham for help, who earlier this month revealed how she was seduced by the married Leader of the House of Lords, Mr Strathclyde.Miss Cunningham, former art-dealer and socialite, said to the Daily Mail: “Koo got in touch with me because she knew our circumstances were similar. We are both single mothers in desperate straits – in fact Koo’s situation is far more extreme than mine.“Koo’s life is a living hell. I feel so sorry for her and I am walking her through the benefits system because it is a very traumatic thing for someone to have to go through, especially for the first time.”

The threat of bankruptcy had been prompted by a lengthy stay at five-star Jumeirah Carlton Tower Hotel in Knightsbridge after Miss Stark was evicted following a disagreement with her Kensington landlord - during which time she racked up debts of £32,000 - as well as years of legal fees due to the ongoing custody battle with her ex-husband, American banker Warren Walker, over their daughter Tatiana.

Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010

Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

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If you have any queries about this news story or our news section, please contact us

View the original article here

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Posted in: Andrews,bankrupt,declared,erotic,Prince

Prince Andrew's 'erotic' ex declared bankrupt

An ex-girlfriend of Prince Andrew’s has filed for bankruptcy after collecting forms earlier this week from Kensington town hall that have enabled her to apply for housing benefits and income support.

Koo Stark, the American 52-year-old daughter of TV hostess Kathie Norris and film producer Wilbur Stark, has been on the brink of bankruptcy for the last two years with debts of over £250,000 and a 13-year-old daughter to support.Miss Stark started dating Prince Andrew following a blind date after his return from the Falklands war in 1981. He took her on holiday and to meet the Royal family at Balmoral, but their relationship ended after 18 months when it came to light that Miss Stark had played the part of a young boarding-school girl in an erotic B-movie called ‘Emily’ in the ‘70s. She went on to marry Green Shield Stamps heir Tim Jefferies while Prince Andrew went on to wed Sarah Ferguson.She has remained friends with Prince Andrew however, and when she had her second mastectomy in 2003 he sent her a bouquet of flowers. Her financial situation at this point was already so dire that she had to leave the hospital in the US just six hours after the operation because she couldn’t afford the fees.Prince Andrew is also godfather to her daughter Tatiana.Having never filled out forms for income support and housing benefit before, Ms Stark turned to Brigit Cunningham for help, who earlier this month revealed how she was seduced by the married Leader of the House of Lords, Mr Strathclyde.Miss Cunningham, former art-dealer and socialite, said to the Daily Mail: “Koo got in touch with me because she knew our circumstances were similar. We are both single mothers in desperate straits – in fact Koo’s situation is far more extreme than mine.“Koo’s life is a living hell. I feel so sorry for her and I am walking her through the benefits system because it is a very traumatic thing for someone to have to go through, especially for the first time.”

The threat of bankruptcy had been prompted by a lengthy stay at five-star Jumeirah Carlton Tower Hotel in Knightsbridge after Miss Stark was evicted following a disagreement with her Kensington landlord - during which time she racked up debts of £32,000 - as well as years of legal fees due to the ongoing custody battle with her ex-husband, American banker Warren Walker, over their daughter Tatiana.

Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010

Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

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If you have any queries about this news story or our news section, please contact us

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Posted in: Andrews,bankrupt,declared,erotic,Prince

Premiership goalkeeper declared bankrupt

Wednesday 26th January 2011

The Aston Villa FC goalkeeper Brad Friedel has filed for bankruptcy with debts of over £5 million despite receiving a weekly wage of £40,000.

The American has found himself in financial difficulties that relate to a not-for-profit football academy that he started in his native Ohio. RBS Citizens – the American subsidiary of the government-owned British bank - has now taken action in the US, while the Lorain County Auditor’s website also lists over £250,000 in unpaid property taxes relating to the 28-acre academy. Repossession proceedings have also started on a £260,000 house that the International keeper owns in Ohio.A spokesman for Brad Friedel said: “This is a technical bankruptcy and it is not anticipated that it will be in place for long as an application for an annulment will be submitted in the next few days. Arrangements are in place to deal with the issues which gave rise to the bankruptcy.”The former Liverpool and Blackburn keeper’s troubles may soon be further exacerbated by the fact that he is out of contract in the summer and may not be offered a new one by Aston Villa. They are currently trying to combat their own debts of over £70 million as recently-appointed French manager Gerard Houllier attempts to re-shape his squad.However, according to the website tribalfootball.com, a source close to Friedel has labeled the bankruptcy order from Macclesfield Crown Court a “technicality” and said it would be annulled at a further hearing during the next couple of weeks. The source said: “This debt will be repaid soon and then we expect an annulment. In the meantime, Brad is not insolvent and is not struggling with money.”
Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010

Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

Send To Friend      Print      RSS Feed      News Archive
If you have any queries about this news story or our news section, please contact us

View the original article here

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Posted in: bankrupt,declared,goalkeeper,Premiership

370 Britons a day declared insolvent last year

Wednesday 9th February 2011

 Figures published by the Insolvency Service have revealed that over 135,000 people were declared insolvent in 2010, up 0.7 per cent on previous year and at its highest since 1960.

This means that 370 people a day were declared insolvent in each day of last year, and that the number of people who can’t keep up with their debts has doubled in the last five years.Commenting on these latest figures, Steve Law - president of the insolvency trade body R3 - said: “Unfortunately, for those that are struggling with debt the worst may not be over. Inflation, the rise in the cost of fuel and the increase in VAT means that the cost of living has risen at a time when most of us are experiencing pay freezes, pay cuts and - in some cases - unemployment. Worryingly, our research found that, in the last quarter of 2010, there was a four per cent jump in the number of businesses making redundancies."Meanwhile, Brian Johnson of insolvency firm HW Fisher warned when speaking to the Mirror that some creditors might be avoiding taking those in debt to court at the moment in an attempt to get as much money as possible from them: “Creditors are avoiding the nuclear option. They can spend money bankrupting people but they won’t get their money back. They are biding their time but as asset values rise, creditors may well make their move.”Bev Budsworth, managing director of multi-award winning firm The Debt Advisor, said: “While figures may be high, they also indicate that more people are gaining access to specialist debt advice. This is great news as it shows that confidence is returning to the debt management sector whose image has suffered recently with a number of firms ordered by the Office of Fair Trading (OFT) to clean up their acts. “Tenacious work over the last 18 months by organisations like the Debt Resolution Forum (DRF) and the Debt Management Standards Association (DEMSA) has helped to build trust in our industry and root out any ‘rogue traders’. As a result, non-lending solutions such as Individual Voluntary Arrangements and debt management plans are fit for purpose.“According to a survey by R3, the insolvency trade body, 38% of people struggle to make their finances stretch beyond the 19th of each month, with major concerns being credit cards and loans. If R3’s survey is representative, then this means there are around 18 million people who are just managing to hold on by their fingernails as interest rates remain low but even with low rates it’s really tough helping people who have no income.“Unfortunately, it’s only going to get tougher as the government’s austerity measures are only just beginning to be felt in people’s wallets. I doubt that when the coalition government came to power last May, it envisaged that its austerity measures would result in such a startling increase in the cost of living. These spiralling costs, coupled with worldwide commodity shortage and conflicts in the Middle East pushing up oil prices, means that the future doesn’t feel that bright.“We have at least begun to pay back our debts, some £24 billion in the last 12 months but again this is marred when you consider that banks have written off nearly £10 billion of our debt over the same period.” “It’s clear that the government will need to turn to the private sector for support for these individuals. By using the properly-accredited private sector, the government can help reduce the estimated £100 million-a-year burden on the taxpayer and provide much-needed support to our fragile economy.”
Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010

Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

Send To Friend      Print      RSS Feed      News Archive
If you have any queries about this news story or our news section, please contact us

View the original article here

Read more »

Posted in: Britons,declared,insolvent