Daniels Silverman sees 250% increase in consumer insolvencies

Aug. 9, 2011 - PRLog -- Credit management and collection company Daniels Silverman has seen a massive 250% increase
in the number of consumers it is collecting debts from becoming insolvent through bankruptcy or individual voluntary arrangements (IVAs) over the last 6 months.

Carole Hughes, managing director, Daniels Silverman, says: “People are really struggling to make ends meet and are resorting to extreme measures to try and get rid of mounting debt. The increase in insolvencies is worrying and is likely to continue as the costs of living and unemployment rises.”

Daniels Silverman has also seen a 400% rise in the number of consumers requesting additional time to pay their debts.  Research from R3, the Association of Business Recovery Professionals, said last week that more than two million people have taken out a ‘payday’ loan over the last year, while 53% of individuals are concerned about their current levels of debt.

Hughes adds: “Becoming insolvent should be a last resort. As outgoings increase people are asking for much more time to settle their debts and are making low repayment offers of around £1 - £10 per month. Creditors are being more flexible about repayment plans and we encourage those struggling with repayments to discuss their concerns.”

Ends

For further information please contact:

Nicolle Farthing / Emma Murphy / Lianne Robinson
Broadgate Mainland
Tel: 020 7726 6111
danielssilverman@broadgatemainland.com


Notes to editors

Daniels Silverman is a leading national debt collection agency that has been providing professional debt recovery services since 1995. It specialises in business debt collection and consumer debt recovery on a no recovery no fee basis.

Daniels Silverman has developed a unique debt recovery IT system and unrivalled debt recovery processes for fast and cost effective debt collection.

Daniels Silverman is committed to delivering professional, ethical debt recovery services. It holds an Office of Fair Trading Licence and is a member of the Credit Services Association.

Website
http://www.danielssilverman.co.uk/

Twitter
http://twitter.com/DSilvermanLtd

# # #

Founded in 1994, Broadgate Mainland is an award-winning company that specialises in financial services public relations.