Credit crunch leaves 600,000 facing bankruptcy - papers 16 Apr

About one million Britons are struggling with £25bn of unsecured borrowings that they cannot repay – “problem debt” averaging £25,000 each - according to a report by TDX Group, which provides detailed debt-collection information to banks. TDX said that last year 400,000 people remortgaged or applied for new credit cards or personal loans to pay off old loans. A further 300,000 people took more dramatic options to escape their debts, such as bankruptcy, debt management plans or individual voluntary agreements (IVAs). IVAs are called bankruptcy-lite because they involve the creditor, usua...