Levels of financial distress on the rise

Landlords may find the need to serve more eviction notices for rent arrears, as the latest figures show that financial distress is on the rise in the UK.

Insolvency trade body R3 found that eight million people will dip into their overdrafts this month, while two million will go into an unauthorised overdraft position.

"It is clear that many have found themselves in a position whereby they have to go into and often exceed their agreed overdraft in order to keep on top of their bills and debt repayments," commented R3 president Frances Coulson.

She added that this will often lead to additional bank charges, meaning people will end up in yet more debt, therefore creating a catch-22 situation.

Research from moneysupermarket.com recently found that one in three people have seen their personal debt levels increase over the past year.

It also discovered that the average owed per person in the UK stands at £8,430, excluding mortgages.

  • Tenant Eviction News from Lawpack: Evict your tenant for rent arrears with Lawpack's solicitor approved Section 8 Notice download.

Published on: June 8, 2011

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