As we have covered on a number of occasions of late there is serious concern that personal insolvency numbers, which could lead to bankruptcy or IVAs, could hit record highs in 2009. A number of the major UK accountancy firms have come forward over the last few days forecasting that record numbers of the UK population will be hit by serious financial concerns which could result in the repossession of homes and substantial assets.

While some of the UK population seem destined for serious financial concerns there are many who appear to be ignoring their difficult situations and making matters worse. It is vital that at the first sign of financial hardship or a significant reduction in income that professional advice is sought in order to try and rectify what may not be the “end of the world”. There are various safeguards and regulations which are there to protect those in financial trouble and it is essential that the correct advice is taken as soon as possible because the pressure of financial trouble can lead to various health issues.

Those who address their problems head-on are more likely to see a generally favourable outcome as the bottom line is that UK banks would rather maximise their returns, both now and in the future, rather than write off substantial debts.

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