Payment freezes on personal loans are masking the true nature of deteriorating personal finances, an insolvency expert has warned.
Analysis by debt industry data company TDX Group found the volume of individual voluntary arrangements (IVAs) and trust deeds decreased by 39 per cent between the first and second quarter of 2020 and is down 38 per cent annually.
However, David Heathcote, personal insolvency expert at TDX Group, is predicting a steep rise in the fourth quarter and next year as borrowers come off payment holidays.
Read more:RateSetter reports slowdown in requests for payment breaks
Unfortunately, this trend is mainly due to the temporary relief of forbearance, and a truer picture will emerge with an expected steep rise in pe…
Read the full article at: https://www.p2pfinancenews.co.uk/2020/08/10/personal-insolvencies-set-for-rapid-rise-in-fourth-quarter-as-payment-breaks-end/
