Joined: 16 Dec 2006 Last Visit: 19 Aug 2017 Posts: 2077 Topics: 130
Posted: Wed Feb 21, 2007 9:30 am Post subject: Majeeds lead the way!!
From the Argus.
It seems the Majeeds were infact pioneers! Everyone is getting in on the act!!
Towns top bankruptcy league
By Richard Gurner
Sussex's seaside towns are among the most debt-ridden in Britain.
Statistics from UK credit reference agency Experian place Eastbourne and Hastings in a top ten list of towns with the highest bankruptcy rates.
Some 0.81 per cent of the population of Eastbourne, or 1,205 people, are classed as bankrupt. This is the highest figure out of eight Sussex towns featuring in a table of 286 places in the UK.
advertisementMeanwhile, Crawley has the highest number of personal insolvencies in Sussex with 364 residents - or 0.29 per cent of the population - having an Individual Voluntary Arrangement (IVA).
An IVA is a legally binding agreement overseen by a court between a borrower and a lender to pay back a percentage of the debt over a period of time, usually five years, through monthly installments. Any outstanding debt gets written off after that time.
Earlier this month, The Argus reported 2,000 IVAs were agreed across Sussex in the last three months of 2006, with 443 people declaring themselves bankrupt.
Across the country, IVAs were up in the fourth quarter of last year by 7.1 per cent on the previous quarter and 44.1 per cent up on the same period in 2005.
Hastings looks set for an increase in both IVAs and bankruptcies as figures from Experian details areas with the highest levels of cash stress. These are the places where people have the potential to become overstretched and may not meet repayments on time.
Sarah Nancollas, from Worthing insolvency experts NancollasGreer, said: "Experian's research places both Eastbourne and Hastings in the top ten bankruptcy hot spots in the UK but the signs are bad for towns and cities across Sussex.
"The county is an expensive place to live and many of Sussex's residents have to pay London prices without earning London wages.
"Eastbourne is a desirable place to live and property prices have shot up in recent years. with more and more people moving to the area, but, unfortunately wages haven't followed suit. This means many are overstretched financially.
"We have seen a growing number of people from Sussex approach us for help as readily available credit and a live now, pay later' culture has made it easier for people to get into serious financial difficulty.
"Our research suggests the over-60s are among the hardest hit and it is sad to see so many people who should be enjoying their retirement struggling to make ends meet and facing insolvency as a result
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