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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Staggering insolvency figures highlight debt crisis says Assembly Member
February 5, 2007 9:01 PM
Commenting on figures published last week by the Insolvency Service which show there were over 100,000 personal insolvencies in 2006, Welsh Liberal Democrat Assembly member for South Wales West, Peter Black, said:
"This staggering increase in personal insolvencies, alongside the equally dramatic rise in home repossessions, demonstrates the severity of the personal debt crisis.
"These are not freak figures. Sadly, they will deteriorate further once the recent increases in interest rates kick in, tipping even more people over the edge.
"The Welsh Liberal Democrats have warned Labour for years about the seriousness of the personal debt problem and the need for a concerted plan of action involving better financial advice and education, debt data pooling and action on irresponsible lending.
"Although negotiated insolvency agreements can lead to abuse when carried through by some of the cowboys in the industry, voluntary agreements by insolvency practitioners are one way of protecting homes. We must be careful about the pressures from the banks to kill off this activity just because they're not getting a big enough cut."
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