The Money Charity has reported that they believe personal debt levels will reach £2.5 trillion by 2020.
Research shows that personal debt levels at the moment are at around £30k – although this does include mortgages.
This prediction has prompted concerns over whether we educate people enough on money managment, particularly in schools.
There is no doubt that provisions should be put in place now in order to provide options to those who get into difficulties in light of these rising personal debt levels.
It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.
For more information on bankruptcy, liquidation, administration and all other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvcency professionals at our Driffield, Scunthorpe or York offices.
Redman Nichols Butler has had a York office for over six years now. John Butler specialises in advising SME businesses in York and North Yorkhsire. The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB.
Redman Nichols Butler has had a Driffield office for 19 years now. Andrew Nichols specialises in advising SME businesses in East Yorkshire. The Redman Nichols Butler Driffield address is Maclaren House, Skerne Road, Driffield, East Yorkshire, YO25 6PN.
Redman Nichols Butler has had a Scunthopre office for nearly 4 years now. Mark Neumegen specialises in advising SME businesses in Scunthorpe, Grimsby and all over North East Lincolnshire. The Redman Nichols Butler Scunthorpe address is, Suite 8b, Normanby Gateway, Lysaghts Way, Scunthorpe, DN15 9YG.